Property management is generally a loss leader in the real estate industry.

It will carry a net loss of about $4k/month, or more, to keep the lights on.

But you also have to track your material participation time in your property(s) if you're trying to qualify to use your real estate tax loss to offset your other income. 

It would depend on laws in your municipality, but if you are going to allow pets in your unit, here are a few thoughts: are you going to have a size/weight restriction, and possibly a restriction on breed type? 

By default, the tax loss from the rental can't offset your W-2 income because passive losses can't usually offset non-passive income. 

I now see competitor listings at 60+ DOM, so their extra month vacancy already exceeds losses from lower rent…. and they’ll likely settle with a worse tenant.

Breakeven or even a small loss in the first year is not so bad if you need to offset income...and the investor upside is always in the "hold". 

I rented out the property in mid-Oct 2023- Now I am filing my personal and the S-corp return (had a to file an extension given this situation) with passthrough of passive loss into my personal tax return and my CPA is saying I negated the 1031 requirements by converting it into S-corp, which he recommended being in the loop and advising on every action above.

., stocks or mutual funds) that are operating at a loss, if you liquidate those investments to take a loss, you can use those losses to offset your capital gains.

Two months of vacancy every couple of years translates to a lot of rental loss.