You should be claiming all rental income on your schedule E already  so if you do, then Venmo shouldn't have any effect on your taxes.

Ii want to add that I have no units in the effected area. 

Even the risk/realized of one foreclosure will effectively wipe out a regular homeowner.  

This may sound like a long task, but if you focus 2 hours and have the tabs opened next to each other side by side, you can pull upwards of 100-150 leads in 2 hours.

Then cash out in 6 months to a year with better tenants and higher rents.Effectively doing the BRRRR method on your 1031 with the capital gains to effectively buy your next distressed asset and have a built in reno budget.Just thinking out loud...

I was originally looking at conventional loans from banks but after researching it will be slow and they don’t like investing in rental properties because of the risk and it does a hard credit inquiry every time which will effect my eligibility.I was looking at hard money loans because they are faster to obtain but they are for short-term rentals and I need something for long-term rentals.

Effectively making it a 4 unit. 

Without these restrictions, rent control would have no effect as LL would simply end the lease on below market rents. 

If you have suggestions, alternative strategies, or any advice on navigating these options effectively, please share.

@Caren Magill it sounds like selling now and investing that money elsewhere would be a good option.