This current version of the law will never pass and could be an election bait but it's and issue that will likely come up again. 

You can deduct any expenses related to the renovation, including labor, materials, permits, etc.The only tax benefit to an LLC may come from an s corp election. 

I waited until I did some work that improved the property (major rewiring of old electeical).

Sort of a home run, but I would have elected to sell the property if there truly was that spread. 

Very generally speaking, the first step would be to set up an S-Corp (or make an s-Corp election for your LLC that does not own the land) to be the developer.

If approval is granted and not in violation of the buildings governing bylaws / rules and regulations than all grills (charcoal or gas) must be used outside and at least 15 feet away from any building. 18.TENANT(S) may elect to terminate this agreement with an early termination fee of two (2) months’ rent.19.TENANT(S) shall not be permitted to a.TENANT(S), any members of the TENANT(S) household or a guest or other person under the TENANT(S) control shall not engage in illegal activity, including but not limited to: drug-related illegal activity, on or near the said premises.

I do think we will see a slight pull back in rates when we get closer to the election, and like my other post stated, if you can house hack or do other non traditional things, that will help your buyers get through these tough times with rates!!

And historically speaking, real estate appreciation rates suffer during election years.

Not looking for legal/tax advice just curious why so many elected to go with LLC.Any comments or thoughts would be appreciated!

You can always wait for another major holiday (President's day, Feb 17?)