You need one year for Long term capital gain treatment 

Just be aware of the tax treatment of short-term rentals (average rental period of 7 days or less) vs "traditional" rentals, especially if substantial services are involved. 

Really, really bad experience and treatment.

Once you exceed the three (3) year window the property will no longer qualify for the 121 Exclusion, but it will be considered 100% rental/investment property at that time and will qualify for tax-deferred exchange treatment under Section 1031 of the Internal Revenue Code. 

On the other hand, the plaster walls are less likely to allow the urine to soak into them (in the case of spraying) and, if needed, the treatment with the oil based Kiltz should seal any odors in.Gail

Setting up an Accountable Plan is usually the best way of getting the most favorable tax treatment.

For more detailed help with determine structure, read: Loopholes of the Rich: How the rich legally make more money and pay less tax. 3 Reasons why LLC’s and LP’s are best for RE Investing: Capital Gains Treatment - Capital gains flow through to the individual who normally pay less tax than corporations.

Personal property is appliances, carpeting, window treatments, window A/C units, awnings, any kind of floating flooring, kitchen/bathroom cabinets, etc.

So, I pay my CPA to make sure they're right.Sean Brennan note that an LLC is a pass through entity and has no effect at all on your taxes, unless you choose some non-standard tax treatment.

Other relevant info:- My rentals are held in an LLC which has pass-thru treatment for taxes (no S-corp election).- My wife and I do not have enough personal expenses to itemize so we take the standard deduction every year.- My expenses from my rentals, including depreciaiton, have me showing a net loss, but not enough that I have reached the passive activiy loss limit.- My wife's side business has a net profit.The idea would be that since we take the standard deduction, it would be nice to find a way to create an additional deduction on our W2 income by redirecting our contributions through one or both of our businesses to either increase my losses on the rentals up to the passive activity loss limit or reduce her profits on her side business.Obviously this won't help us on our 2013 taxes since I'm just now thinking of this but I'm just wondering if there is any validity to the idea going forward.Thanks!