2.Also, are there any tax advantages if I keep current LLC and just remove the members? 

The Seller called me and told me that the inspector would not allow the home to be sold until it was removed.

That's gone.Who looses?

The local laws are loose, and we could dd 2-3 mobile homes on the lot.

I wouldn't want to loose this lead but also do the right thing.

The rehabbing of the property was a bit over 33k which included a new HVAC System, Floors throughout the house, new bathrooms vanities, kitchen countertops paint and a lot of sheetrock work and trash removal.

The rehabbing of the property was a bit over 33k which included a new HVAC System, Floors throughout the house, new bathrooms vanities, kitchen countertops paint and a lot of sheetrock work and trash removal.

In this case, the loss limitation is $25k per year AND your $25k loss threshold for the year begins to phase out at $100k in income and are completely phase out at $150k.If you have real estate professional status and are materially participating in long-term rental then the $25k loss threshold is removed (there is still a business loss limitation that you need to be aware that f but it is much higher then $25k) Would recommend finding CPA that understands real estate and REPS.

I'd simply go and clean it and remove the clothing they said was left behind. 

Hi there,In the process of searching for our first rental property and saw a couple prospective properties yesterday.Thoughts on making a currently single family rental into student housing..Current tenants-month to month rent, been there 3-4 yearsHome is in a prominent student housing neighborhood, would increase rent significantly Would you chance loosing a paying tenant to try student housing?