This credit amounts to $1,666 per month, with the monthly rent set at $3,300.From an accounting perspective, should the $1,666 per month be treated as a liability (deferred credit) and excluded from income, or should it be recognized as income and then applied as a credit at closing?

Your policy may say that any coverage is excluded for and dwelling or addition that does not meet code requirements.

Any reference herein to time periods of less than six days shall in the computation thereof, exclude Saturdays, Sundays and legal holidays, and any time period provided for herein which shall end on a Saturday, Sunday or legal holiday shall extend to 5:00 p.m. of the next business day.

Fist list I did, did not exclude properties without houses so I fielded several call that I was not interested in following up with.

The safe harbor is subject to the Ten Year Rule (expected to perform the maintenance more than once every ten years) and the No Betterments Rule which basically excludes large capital improvements that significantly extend the useful life of the property.There is a heck of a lot more to it, but in summary, keep your repair, maintenance, and capital improvement expenses in separate buckets and back each up with appropriate reasoning and documentation.

@GregJJunge,All the zips you mentioned are among the more preferrable zips, excluding 06, 08, 09,19 and 54.

I stayed out there for x days and repaired (excluding the holes as I hired someone).

Here is an excerpt from the link @Fausto Carosella provided which I interpret as excluding an offer to buy: "3.

If total ownership is 10 years( first 8 years rental, last two years PR),  excluding depreciation recapture, only 20% of gain is shielded.There are other ways to defer gains- 1031 exchange, investing in new opportunities zones, and so forth. 

I recommend you determine what it will actually cost, then adjust your rent rate accordingly so it's affordable for the renter.The lot comes with the home :) the home is 3000sqft single family home(excluding  basement).