Your desire to ensure that you are making the right decision and to request additional time to review the property are reasonable steps, especially given your relatively new status in the field.

If your income is above $150,000 and you are not eligible to claim real estate professional status, your rental losses become suspended into a future year.The suspended losses can be utilized in one of a couple ways1) You dispose of the property2) You generate passive income from this property or another property

My downfall is that I didn't check on his bond status and verify his contractor license with City of Cleveland.

Reporting (how do they report the status of the property to you)4.

Congrats on the superhost status and making the most of that ADU behind your home!

So you will have to weigh the importance of maintaining legal status and potential savings you may get out of a LLC.

In this case, the loss limitation is $25k per year AND your $25k loss threshold for the year begins to phase out at $100k in income and are completely phase out at $150k.If you have real estate professional status and are materially participating in long-term rental then the $25k loss threshold is removed (there is still a business loss limitation that you need to be aware that f but it is much higher then $25k) Would recommend finding CPA that understands real estate and REPS.

Ive lived in the home for the mandatory 1 year to claim primary res status.

You cannot impose an additional fee for an emotional support animal (ESA), but it's essential to obtain documentation confirming its status as a service animal. 

Blanket Additional Insured - It is an endorsement that normally gives Additional Insured status if it is required in a written contract2.