If it's not, then the property may be completely obsolete as an 8 bedroom structure. 

Hemlane is a property management software.

Depending on the cash flow for the property, you are looking at up to 75% of the appraised value. 

"I was looking at get my property rented by the room to college students or Veterans" but I don't actively see this happening often.

If you buy a rental property by the end of the year, you might be able to offset some of the losses with the gain.best of luck.

Not impossible but it would be pretty tough to get an STR property approved unless you are an owner occupant.

Is the condition of the property good? 

Yes you need these in a decent STR property. 

These deductions are not limited to partnerships; they apply to all rental property owners, even if the property is owned individually.2.

You can't really convert it to a rental property and then do a renovation as you will have no cash flow as a rental so I am not sure if you are trying to classify it somehow, but I don't think that matters at all.