Our eldest SE daughter leases & deducts it using a % for business breakdown & has done so for 5 years. 

I think referring to Account Closed's method of communication with her tenant as "texting buddies" is rude, condescending and out of touch.If that is the normal method of communication with this tenant, in my state it is legal, proper, and efficient to communicate notices by text and in my view there is nothing "unprofessional" about texting per se; communication by any method might be 'professional' or 'unprofessional' based on the content.

I didn't see your expected timeline (at $44/day interest) or ARV, so extra hard to estimate profits.Be sure to reduce your ARV 10% for realtors and closing costs and after-inspection concessions.Be sure to account for your silent tax partners- 1) Uncle Sam federal taxes & FICA SE taxes,  and 2) Your state dept of rev taxes, if any. 

I may do a 1031 exchange but the capital gains rates are low right now and I can most likely make money with some of the cash and use some for some capital improvement projects as I am mainly mortgage free at this point.The income that is not subject to SE taxes might be subject to SE taxes via payroll requirement if you run this transaction in your S-corp.

as opposed to a "gift" per se.

@Scott Hollister hosts a Central CT meet up and @Mat O'Grady hosts one for SE CT.

I'm connected on LinkedIn with the Executive Sales Association of America, and even though they're not in real estate per se, when you're marketing, the statistics seem to show that you'll get a response on the 5th or 6th touch/meeting. 

I am located in SE CT.

Horn, but how do you estimate rehab costs without seing the property?

I didn't recommend one in particular per se because I don't have the numbers to back it.