Particularly the part The preceding sentence shall not apply to any foreign taxes described in subsection (a)(3) or to any taxes described in paragraph (1) and (2) of subsection (a) which are paid or accrued in carrying on a trade or business or an activity described in section 212.Sec. 212 property taxes are not subject to the SALT cap, and should be taken on Schedule A, line 6 as an itemized deduction or capitalized under a 266 election, assuming a non-rental 212 activity. 

I'm not sure if it will, but that could be a negative consequence people are overlooking, particularly if they are trying to position themselves to buy properties utilizing debt in the near future. 

I absolutely agree, 3 months of reserves is a pretty onerous requirement, particularly these days!

I'm going to see what their particular standards are and then go from there.

@John Teachout re: basis of chargebackWe had a particularly spacey but wealthy tenant who leased our unit and scheduled her monthly rent payments via Cozy months in advance.

It can come in amounts both small and large—this time, unfortunately, it is particularly large.

In no particular order I have listed some of the most popular markets for out of state investorsCincinnati, OhioDayton, OhioToledo, OhioYoungstown, OhioCincinnati, OhioMemphis, TennesseeSaint Louis, MissouriIndianapolis, IndianaDetroit, MichiganErie, PennsylvaniaLouisville, KentuckyMilwaukee, WisconsinJackson, MississippiEach of these markets is popular with turnkey investors because of the low barrier to entry, high rental demand & high rent to price ratio.

Long term housing is in high demand here in the Florida Keys, particularly in Key West.  

To be impacted by this particular rule you would need in excess of $500k/$250k (married filing jointly / single) of non business income, and similarly more than $500k/$250k of business losses.

There are so many sayings that fit so well in this particular situation.