There are ways you could do this, but it sounds like you've already resigned yourself to the loss so I won't bother.

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- Loss of historical data (for both IRS audits and for personal portfolio tracking.)You should be able to print the general ledger and Balance sheet / income statement for each period.

There’s no real way to create phantom losses without running into issues with the IRS, and you could end up losing important tax benefits.

I recommend learning your states laws and limitations around LLC's and working with some professionals in your area to help you determine your risk tolerance 

-Finding off-market deals and securing financing with limited capital.

@Kelly Taylor If you are going to invest more in RE, wait until you have released losses to do the Roth conversion.

After some research online, I am reading that the cost per square foot on a gut renovation of this nature in Stamford CT is anywhere from $150-$350, which is ultimately not very helpful, because at $150 per sq ft, this is a very appealing project with a total profit of ~$175K (46% ROI) and at $350 per sq ft, it very much isn't, because it would be a net loss of 83K (haha).QUESTIONS:What can I do refine my estimate a bit given that I am not allowed to a formal inspection on the property? 

But he did take a loss that set his family back quite a bit, caused a lot of stress in his marriage, prevented them from being able to buy the new home his wife wanted with the right number of bedrooms for his kids, set him back years in saving for retirement and buying investment properties that could have made him money instead of losing money, etc.

If you had to start over today with limited resources, what strategy would you focus on- Would you start with house hacking, BRRRR, wholesaling, or another strategy?