After some research online, I am reading that the cost per square foot on a gut renovation of this nature in Stamford CT is anywhere from $150-$350, which is ultimately not very helpful, because at $150 per sq ft, this is a very appealing project with a total profit of ~$175K (46% ROI) and at $350 per sq ft, it very much isn't, because it would be a net loss of 83K (haha).QUESTIONS:What can I do refine my estimate a bit given that I am not allowed to a formal inspection on the property? 

I did one house I may end up taking a small loss on, we'll see.

The other benefit to verify is if you have loss protection.

So those are kind of my options- rent at a loss or sell for the balance.

Itemized breakdown has ridiculous amounts for damages, thefts of toolboxes, medical claim, loss of use etc.

@Gregory Wilson can you be more clear about what you mean about a loss?

I would imagine the LLC will have its own EIN, but we will still report the gain/loss as pass-through income on our joint tax return.

The older the home the more difficult (and therefore expensive) it's likely to be to restore a home to pre-loss condition2.

Part of those cuts included the short-term rental tax loophole, a strategy real estate investors can use to help mitigate their rental income tax by offsetting earned income with real estate losses, and could be renewed or extended.  

However, the depreciation claimed while the property was a rental must be accounted for upon the future sale of the personal residence, which could increase your capital gains tax liability.The adjusted basis of the property (original cost minus depreciation) will be used to calculate gains or losses at the time of sale.