Honestly looking at your situation I'm not sure I would recommend you do the taxes yourself,  change of accounting method (F 3115) isn't easy for someone that hadn't done them before these online software companies make things seem easier than what they are, they are good for less complex situations. 

Quote from @Quan Pham: I'll give you the easy answer: sell.If you were fired up about owning an investment, I would recommend keeping the house as a rental.

There's no blanket number that will make the math very easy.

Everything is a team play and trust me it ain't easy.

Making money in real estate is easy at times, without a real education it's not so easy. 

Typically setting up the LLC is the easy part.

Hi, I'm super new to REI & have no clue where to even start.

Also have made it easy to see if you offered a certain amount, or changed your rehab budget, how that would affect your return. 

Starting locally gives you that hands-on experience and deeper market knowledge which can be super valuable when you're learning the ropes.

I love how you've minimized what you have and are super cash flow heavy.