@Ivan Castanon I am in the Tampa area as well!!!  

It's well over a million, well over. 

You can refinance into a FHA 203k or like @Jason Wray mentioned you could even use a Fannie May homestyle renovation loan as well!  

When I see ones much more than that like yours in the $700s to well over $1000, run.

We negotiated a deal with the owner for 20% Equity, we are responsible for infilling the community as well as property management (which we also get paid separately for).

If the community is well-managed and there’s good rental demand, a condo could be a solid choice.

The question is will you benefit.If you already paid for the study, you might as well apply it to to the return.The next question is whether your accountant is properly applying it.You may want to consider working with a CPA who specializes in real estate taxation.

We have sold (tax free), kept as long term and/or short term rentals as well.

It may sell at a loss if someone else knows that you are trying to get rid of it because of a bad tenancy, but if you can get a well qualified tenant in there, then it may be worth keeping at this point if you can make it get some decent cash flow.  

And yes, the income from renting is still taxable, but ideally you are offsetting a chunk of that with depreciation which is a non-cash expense.You should read Amanda Han and Matt MacFarland's books as well which are available in the BP Bookstore. https://store.biggerpockets.com/products/tax-strategies-book...