If I contributed more money to my 401k would it lower my overall income that is viewed by this rule and therefore I could write more off?

I would view this as the ideal situation,  as a month to month does not commit anyone long term, but I  manage myself.

However on last viewing the ordinance had a lot of catches in it.

Hi Nyala - you can view our rules at www.biggerpockets.com/rules :)

No pictures on the listing but it was right next to the local hospital and I could see prospective renters being young professionals/other good renters.Called the listing agent and set up a viewing for 4 PM and agent sounded very happy that someone was interested in the propertyWhen I went to go see the place it was a complete gut job. the roof was in good shape and the foundation look like brand new block foundation but the rest of the place was completely destroyed.

I know that even attorneys may have differing views about various subjects, depending on who you talk to and their experience.  

Your posts were hidden from view when I arrived. 

Second, would lenders view this negatively?

I owned a Cape Cod in Bay View, just over 1,000 sq. ft..

There are also a couple more near by from what I can see in aerial map views.