Amending your taxes seems excessive for this minor issue, but I don't know how many water heaters it was either.

How would the EXCESS BASIS for the new property along with the TAX BASIS for the old property be entered/reported? 

Yeah, it sucks that it's not turning out like you planned, but if the whole deal falls apart due to what might amount to a few hundred dollars of storage lockers and/or hotel rooms, then it's not much of a deal to begin with.Ask your landlord if you can holdover for 2 weeks (paying the excess rent, of course), then slide your whole schedule forward 2 weeks, including the time off from work, etc.  

The envelope system is a great discipline as well and helps you see where there is excess spending you will not miss.I am glad to hear your credit is good, it is one of your most valuable assets in life.

Assuming we can repair the property back to a rent-ready state for less than the total amount of proceeds we receive, is there any way to defer paying taxes on the excess insurance proceeds, possibly by putting that money into another property? 

@James Piercy gifts in excess of $14k annually are not taxed as long as the lifetime gift exclusion ($5,490,000 for 2017) is still available for the taxpayer.

i heard that putting such a restrictive air filter will put excessive strain on your hvac, and it might fail early.If I had my way, I would give him a lifetime supply of antihistamines.Certainly cheaper than the damn $2000 duct cleaning, which is only temporary at best.You could probably get new ducts for that price.hypochondriacs are the worst.

Get a quote on pro cleaning so you have something to show the court if you have to go down that route.You won't be able to charge for the replacement carpet I don't think, unless you can prove to a court that they did excessive wear and tear.

Once you have made lots, and I mean lots of money with a constant stream of excess money coming in, then do you da trading gig.  

When a tenant moves out, transfer the deposit back to Checking so it's ready to apply towards expenses or to refund to the Tenant.If you end up with excess funds in the Checking account, I recommend you transfer it to a third account that is specifically designated for future investments.