If you elect to sell, you'll be taking advantage of a 1031 Exchange on the rental (hopefully)...otherwise, you'll be faced with capital gains.

Don's lease template is also used quite heavily in this area and across PA.I am not associated with Don nor do I get any monetary benefit from these recommendations, other than been a satisfied user.He used to be the president of a local REIA (before my time) and I think still offers live training courses a couple times a year.

A bad deal is a bad deal even with the most real estate investing friendly or hostile president.

@Shane WelchIf the unit is not ready for its intended use - then the payments are added to your basis and depreciated once the property is placed into service.If the unit is ready for its intended use; the payment is expensed if it is a repair.If the payment is for an improvement; the payment can be expensed if it qualified for the de minimis election.

For servicing, As for servicing it ranges from $15-95  monthly depending on if it's performing or non performing and whether you elect to have escrowed taxes and insurance.

that's really unfortunate since there are many elections and "check the box" that can drastically change the contract.

Does the November election (Prop 10) mean all of California Will be under Rent Control? 

People elect to be taxed as S Corp to save on self employment taxes, but rental income are inherently not subject to SE tax, thus S election is not needed.S Corp also complicates the transaction if you ever want to sale. 

Partnership is the default classification (you would need to elect to be taxed as a corporation).  

There's no set date, but per the Presiding Judge's order, the sheriff can't evict anyone if the temp is below 15 degrees, or weather is too extreme.