I did all the training that was online and attended the coaches corner for first 2.5 months.

In race car terms, what the FED is doing is they are easing off the breaks, as they are coming out of the corner.

I don't think they differentiate the rental type for the writeoffs.I've researched this a fair amount, from what I understand there's an exception section 469 of the tax code that says if you actively manage the str and have an average stay length of 7 days or less then it's treated as an active business and the income is therefore not passive and expenses are able to be written off against W2 income.

It goes deeper than that.NYC Liberal policies, including strong tenant protections, increases the risk of failure so much that the risk far outweighs the rewards.Financial ruin is just around the corner for the small Mom and Pop Property Investor that it doesn't make sense for them.The Tenants will have free Attorneys that are bent on delaying eviction cases so long that it stretches into years while Mom and Pop suffer from lack of rental income and still have to pay all the bills and do the management.Additionally, the increase in homeless living rough in the streets due to Sanctuary laws causing a lack of shelter beds, then evicting shelter residents after 30 days creating more homelessness, policies that tie up the Police's ability to arrest perpetrators, etc. only causes Mom and Pop to sell out at large discounts to larger Landlords who are capable to use Economies of Scale to eek out a profit.These larger Landlords will eventually turn a much higher profit as the pendulum will eventually swing towards the middle when the NYC Voting population eventually realizes that it's not a conspiracy of the Rich that's causing the Wealth Gap to increase.It's the same liberal laws that encourage people to become lifelong tenants, small Entrepreneurs (including Property Owners and small Mom and Pop Businesses) to be destroyed, and Rents to rise astronomically as housing becomes scarer even when the population declines by as much as 7% in the last several years. 

It wasn’t until he consulted with a tax advisor specializing in Section 1031 exchanges that he was able to properly navigate the process and save thousands.

What do you mean Charlie by the last section?

I bought a house in Chicago land area and plan on renting it out to HCV/section 8 candidates.

This is actually the easiest fix. 2) Foundation footer didn't go below the frost line and one corner of the house has sunk 2".

@Joseph HenryDefinitely suggest getting familiar with Section 121 from your CPA.

I did pretty well in Madison county and Rankin Newer homes for me no foundation issues the best renters the city has you DONT need to rent section 8.