The election is made by attaching a statement to the income tax return indicating “Election made under Regs.

@Francisco Camberos Sounds like attachment issues.

Other states I would consider: Nevada, Texas (high property taxes but my friends make the numbers work), Tennessee (Nashville area), North Carolina, possibly Arizona, possibly Florida (I had considered the Panhandle area Fort Walton Beach, West Panama City) but their insurance costs are high with hurricanes.

I got more attached to the home as I lived there and did more than needed to make it a rental.

yup you'll go with a builders risk policy with a basic 1m liability attached to it . insurance agent can recommend best for the extent of the project 

@Ross Hayes I know it’s difficult wondering what to do, as I’ve seen my fair share of pet damage, but honestly once you put some screening processes and money attached to it, you will see that majority of pet owners are pretty good. 

@Mark Gallagher I got a copy of the JV agreement, but i dont know how to attach it to this post.

This all goes back to attachment styles and my business partner is hung up on that.

Are there ways you can capitalize on your current properties, like add an attached or detached ADU to bring in more rental income?

I am having to replace the Truss and roof over the garage (garage is attached to the house).