I would imagine the LLC will have its own EIN, but we will still report the gain/loss as pass-through income on our joint tax return.

Personal Financial Statement Borrower’s Schedule of Real Estate – or- Resume illustrating experience2-3yrs Personal & Property Tax Returns – All schedulesPrevious Year and YTD Property Profit & Loss statement w/ detailed expensesRent Roll w/ detailed lease informationCopies of all Leases3mo.

Would this be feasible in quality neighborhoods in Hartford and New Haven or am I way off? 

Itemized breakdown has ridiculous amounts for damages, thefts of toolboxes, medical claim, loss of use etc.

They are now selling resulting in a 100% loss for investors. 

Second, you don't want to operate at a net loss, it's money out of your pocket every month and essentially negates your equity gains over time.

There are also other new construction homes on our street facing the same issue.So, I’m kind of stuck with this property, which is why I’m exploring ways to cut my losses and exit cleanly.

Would you be taking any pay loss from the job switch? 

There's no point in having a rule if you don't know how to enforce it.Example:Requirement to Maintain Renters Insurance:The Tenant acknowledges that the Landlord’s insurance does not cover the Tenant’s personal belongings, injuries, or other losses.

There's other items such as this where it may be helpful to talk to a CPA/EA for a little tax planning, especially since you'll likely get caught up in the passive activity loss limitations if taking bonus on a single rental property as I often see.It's also useful to mention that even if you do the cost seg study (I'm assuming you're doing one to be talking about this), you'll still benefit from accelerated depreciation in the form of shorter useful lives on the assets where you received bonus from.