But I did a walk through of the property, checked all the sinks and toilets, didn't see anything out of the ordinary, and I was going to have a plumber come and take a more careful look.I owned several triplexes and duplexes in the NYC area, and water bills for duplexes increased from $280.00/ 3-months 10 years ago, to $580/ 3-month on the last bills, and I thought of major leaks.

Or figure out how to boost sales in your business such that your income is high enough even with all those optional deductions.What you may not do is opt not to declare expenses that are usual and ordinary in the course of your business and which you actually incurred and paid, such as advertising, supplies, labor, rent, etc. 

Are you in a flood zone or something out of the ordinary?

If rentals, then you should definitely not mix it with AirBNB because it's normally taxed as ordinary income. 

The profit on the sale is taxed as ordinary income. 

That's at your ordinary tax rate, but capped at 25%. 

Not out of the ordinary 

Any cash you take out, up to your $65k or do profit, will be taxed as profit, short term cap gains (ordinary income tax).

If you bought it to fix and sell, this is a flip and all the income is ordinary income. 

How long does it take and how expensive is it to convert units into section 8 housing? Is this difficult? Is it hard to maintain section 8 status?