There are some potential material benefits to GSE independence.

Even if they do pay all the taxes, they don't get to use the benefits they are paying for (medicare, social security, etc.).

.: Quote from @Caleb Brown: I am an agent so of course I get a benefit when a deal closes and I help a client but I have also seen the money and benefit real estate provides.

The upper level of society works in ways most of us will never understand...it sadly continues to be a back-and-forth thing of reaction...If our country and Chicago as well could take a proactive long term approach, our kid's kids would benefit in a way we couldn't image....

You will lose ALL tax benefits and owe all the capital gains that would have gone away. 

You are adding costs and complications for no benefit at all.

Have a conversation with a CPA to see if you will benefit from the cost segregation before getting it done.

You may be able to get into a reasonably priced house hack in these markets and benefit from some nice appreciation.

Considerations for Long-Term Tax Strategy: If your long-term STR status is uncertain, weigh the benefits of bonus depreciation against the potential downsides of depreciation recapture and passive loss limitations.

Obviously, it's not beneficial to every property/owner, but we do see many investors benefit from it.