This is really a better question for your accountant first because it depends on what you are trying to offset.

We use DealCheck to underwire and QuickBooks Online for everything related to accounting and numbers.

It's a strategy that has proven effective time and again.Five years is a solid timeframe to account for market fluctuations and ensure profitable sales.

@Edward SegaarBigger Pockets is a great place to find a real estate accountant. 

We would meet once a month and just hold each other accountable for the steps we are all taking in building our RE business. 

But with this being a 5 unit multi-family building most lenders do not offer a loan product that will take the STR revenue into account. 

(TL;DR version: wholesaler from NYC got a property in Mississippi under contract, then ended up helping a scammer with a fake title company steal $10k earnest money from a buyer (according to what was written in the thread of course, I have no firsthand knowledge of what occurred).

The best strategy depends on your goals, but here’s a breakdown:Selling outright would result in paying capital gains tax and depreciation recapture, but since the appreciation is minimal, the tax impact may be relatively low.Gifting the property to your son could potentially allow him to sell it with a lower tax rate, but since he hasn't used it as a primary residence, he won’t qualify for the exclusion of capital gains tax on a primary residence, and you'd need to account for gift tax implications.1031 exchange could defer taxes, but you would need to purchase a like-kind property of equal or greater value and meet all the IRS requirements.

I have a US credit score, US bank accounts and some US-based income, but my paychecks are not.

If you do take on new debt or collections during this time, the lender will see and it will require that it be accounted for in your DTI (unless this is a DSCR loan).