Additionally, there could be tax consequences for you, possibly losing your long term capital gains tax treatment. 

Your CPA would then utilize the results of the study to plug into your tax return when filing your taxes. 

The primary reason for rezoning (aside from complying with laws) is that it did save tremendously on taxes.

Tying up the property with no payment being made and property taxes accruing for 2 years is not uncommon.  

For someone that pay $500 per month on electricity especially in the summer its definitely will save them money going solar and you also get a 30% solar tax credit. 

Then compare against the cash flow after taxes from the business. 

I understand for tax purposes that I can only take two-thirds of the expenses related to the house to offset the rental income.

It's crucial to align this decision with the nature of your income sources and their respective tax treatments.

Domicile: WA State (income tax free)Property location (Texas): (income tax free)LT gains + Depreciation recapture ~ $300k on a $500k income property ~effective / average tax rate = 12% for past umpteen yrs (relatively low income, avoiding IRMAA and doing Roth rolls (no 'realized' income, just transferring from tIRA to Roth = vast majority of annual MAGI income)In the end (coming soon, ~17 yrs) ALL remaining estate will go to charities / Charitable Foundation / DAF.

This strategy, if combo with REPS (real estate profession status) basically checkbox on your taxes is key to canceling out full-time W2 employment.If this is new to you...