If you own it less than a year the profit is taxes as ordinary income and is subject to whatever tax bracket you are in for your W-2 job.

Bottom line: it's an old piece of crap and the "damage" pictured is extremely common and should be considered "ordinary wear-and-tear."

Will be nothing out of the ordinary. 

If done properly, short-term rentals can offset directly against ordinary (W2, active) income without the real estate professional status.Losses generated by increasing depreciation with a cost segregation study, can be used to offset active business income without qualifying as a real estate professional.

Another thing to consider is that repairs are not necessarily an ordinary expense.

The only difference is whether or not you'd be able to offset against your ordinary income...and that's also assuming your income level is under a certain amount (my apologies if I'm pointing out something you already know).As for syndications, as long as we are talking about equity purchases of commercial property and not debt or some of the other fancy syndications out there like secondary market litigation or insurance, you will have very large passive losses starting from your first year.

He just threatened my grill which is on my patio/ deck, technically a charcoal grill is illegal on patios in NYC however no one enforces it.  

Instead, your profits are considered active ordinary income since its the sale of inventory, not investment property. 

@Kristyn Grimes  window cranks, patio furniture. 

You can do the same with patio doors.