Favoring someone on thier immigrant status doesn't pay your bills...

If a taxpayer takes the position that a rental is not subject to the business interest limitation, the IRS may expect the taxpayer to take the position that gain from the sale of property used in the rental is not Section 1231 gain.While the sale of property used in a nonbusiness rental activity does not give rise to a Section 1231 gain or loss, it generally results in a capital gain or loss.15 Depreciation recapture rules (including the 25% rate applicable to unrecaptured Section 1250 gains) apply to both Section 1231 property and capital assets.16 As long as the property is sold at a gain, the taxpayer is no worse off as a result of capital asset status (and may be better off if the taxpayer has unrecaptured Section 1231 losses that would cause a Section 1231 gain to be taxed at ordinary rates).

@Robert StamperYes you can have as many as you wish in flip status...I was just giving you an idea of how good the pricing is..say for one unit up to 5 for that price.

.- Should I change the "status" of this property with the bank from my primary residence to an investment property?

It is unknown whether an email would suffice.Even if I have tenants that take off without notice I always make certain to send an accounting of their security deposit to the last known address (my rental property) within the required time period; collect the envelope and keep it in the tenants files as evidence of a good faith attempt to provide them with the required status of their deposit.Gail

Also this is an area with the resolve to change the status quo, as is evidenced by this election.

Sites like Zillow have Premier Agent status for lead generating but there is no guarantee it will equal sales. 

Someone who can check on the status of the property for you?

The applicant's rental history, criminal history and current employment status are, at times, a much better indicator of risk. 

@Pratap Singh As long as you do not have REP status AND you materially participate in the real estate business, you can deduct up to $25,000 in passive losses against your W2 income.