Since you're a high-income W2 earner, you may be limited to passive losses write offs only.

However, the tax treatment differs between short-term and long-term rentals:Short-Term Rentals (STRs): If you materially participate (work 100+ hours and more than anyone else on the property), you may be able to offset rental deductions against W-2 or other active income, offering greater tax benefits.Long-Term Rentals (LTRs): If your AGI exceeds $100K, your rental losses may be limited, unless you qualify as a Real Estate Professional (REPS).If you plan to expand your rental portfolio, consider an LLC later for liability protection and easier management.

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.

So many options that we are at a loss.

@Harsaha LenkaI looked at the OM and it’s missing vacancy and collection loss and repairs and maintenance.  

However, while anyone who purchased in 2022 should expect a loss, that doesn't mean everyone is going to/ able to  accept one until the house has sat on the market for a while - probably different at your price point - ie more expendable $; able to absorb a loss.

Thank you for saving me from some unnecessary headaches.On that note, can anyone recommend/endorse a reputable educator with experience in wholesaling?

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.

If you think this distinction is unimportant, consider what happened to investors who placed their IRA funds with American Pension Services,—an administrator whose founder mishandled their money causing a $22 million loss.

Even with a shared bathroom and living room, your place is likely much nicer than the average extend-stay motel, so if your rents are competitive, then you can likely serve this avatar.You may find that a 5/2 is an acceptable temporary housing solution for a family displaced after an insurable loss (fire, flood, etc.).