So keep him around, raise his rent by $25 or $50 or so and put him month to month.  

I don't use a formula (ex. 70% rule) instead I go by actual comps in the area.

If you purchase a rental property can you deduct in that year 50% of the value less the cost of the land as a depreciation write off?

Here is a rule of thumb: if your house was a normal rental making X dollars a month, it should make X dollars a week as a STR. 

Purchased at $220,000.Sold               $345,000First Mort      $163,000HELOC             $47,000Selling Cost     $15,0000Net Proceed  $120,000  (50/50 split )Each has $60k in separate 1031 exchange fund.

I know there's only maybe 50 people on BP on the island of Maui, so how does it work in your state? 

You took a 1,200 lose by giving 50 dollars off.

My new goal is 1,000 by 50.

We were looking to move into multi-family investing and appreciate feedback on locations for units in range of 25-50 which price range around 1-1.5M . 

The City keeps changing the rules and none of us know where it is all going to end up.