You sound like you're just trying to rationalize the negative cash flow. 

Your instinct tells you to run before it gets worse.You may sit here today and think you will remain rational, but hardly anyone did.

Although I agree vacancy control would be very negative for landlords, I have to believe the authorities would try and act rationally if they don't want development to come to a screeching halt and turn us current landlords into slum landlords.  

If you understand MBTI, you will know that there is nothing wrong with you, some people just make emotional decisions (Feeling) by default, and others make rational decisions (Thinking) by default.24k repair seems too low.

@Steve Vaughan kindly explain the 76% rational to those of us that don’t know the tax code as well as you please?!

My debt to income ration is like 0.2 (monthly expenses are around $2500/month, and income is around $11,000/month.

Don’t force the deal or rationalize it .

That way you are lowering your payments which helps your debt to income ration with your bank when they are looking at your stats to make you a loan. 

Unless their is Wholeseller version of the ACLU who will take the case on pro bono or the members of this forum want to start a Go Fund Me to challenge the law, the most rational thing to do is get a license.

B and higher assets didn't cf enough so weren't on my radar.12 or so years later, I won't pass up a good cf deal, but can 'rationalize' purchasing higher quality assets with shorter mortgage terms for the equity capture and eventual high IRR.