With the limited info, I would say #1 is your smartest option but there are a lot of variables missing.

The loss created by section 179 is limited to your total net taxable income amount from all "active" business income you have, plus any W-2 income. 

In the last few years, they've made illegal:-Rent controls of any kind-Limiting of fees or screening charges-The ability of HOAs to regulate STRs or LTRs in their neighborhoodThat's just the start.

Honestly think about the lifestyle you want.

Many companies are also limiting the claim for mold.

It provided loss of use coverage and high liability limits but at less than 50% the cost of the quote I got from Proper.

Failure to meet material participation rules will limit rental losses to offsetting passive income or carrying forward.This post does not create a CPA-Client relationship.

Have heard from a neighbor who is still in touch with the landlord that he is talking about buying a sailboat and sailing around the world... not sure if he is serious about this or not but suggests to me a desire to move on from current lifestyle.4.

My recollection is (and insurance experts on BP can correct me if my memory is wrong), but most insurers will only pay "replacement cost"  policy limits, if you actually replace the damaged property.

It was in rough condition, which limited competition and made it a strong candidate for the BRRRR method.Negotiation: After analyzing comps and repair costs, I negotiated a $420,000 purchase price, which was below the market value for similar properties in the area.