Then I would contact the owner and give my professional opinion of the damage, what caused it, what repairs are necessary, and who should pay for it.I recently had a two-car garage door with two broken panels because of bad design and age.

Mechanical things break, and you have to come-up with $ and repair it, and tenants will not treat the new $400 oven as you will in your house. 

You could then get a smaller HELOC for the 15% down and the rest of the debt is  on subject property, not primary residence.John's Question:  HomeStyle is limited to one unit homes for Investors true but there is another loan called EZ Conventional that is designed for 2 to 4 unit properties for Investors who will never live in them to buy and get rehab dollars in one 30 year loan.

I will be using C Corp, since S Corp is just the designation, and will be the only owner.I made my decision after reading a bunch of BP threads on the subject of LLC vs Corp, and I really liked a lot of what @Linda Weygant had to say in the threads below, in regard to corporations: https://www.biggerpockets.com/forums/51/topics/625641-s-corporation-tax-scenarioshttps://www.biggerpockets.com/forums/51/topics/430130-s-corp-or-llc-for-flipshttps://www.biggerpockets.com/forums/311/topics/434237-why-do-investors-choose-llcs-over-s-corps?

If so, it may be a factor of drawbacks in building design.

Let me ask you this...IF I had placed the building in-service via short-term lease (5-months) to another business needing space while I pulled together final design plans for my renovations, would I have been able to make the Partial Disposition election for 2018?

"I have noticed that Tax exemption for real estate professional status"Not sure what you mean by tax exemption for RE professionals....As @Ashish Acharya laid out above, 'real estate professional' is a designation used to describe a treatment under IRC Sec 469(c)(7). 

Familiar yourself with any residential design guidelines for your area and the zoning ordinance.

You need to have less than 100k in Adjusted gross income to get the max up to 25k in deductible losses or you can qualify as a real estate professional designation.

If you have a fire extinguisher, a periodic inspection should check for of at least the following items:o Located in designated place.o No obstruction to access or visibility.o Operating instructions on nameplate legible and facing outward.o Safety seals and tamper indicators not broken or missing.o Fullness determined by weighing or "hefting".o Examine for obvious physical damage, corrosion, leakage, or clogged nozzle.o Pressure gage reading or indicator in the operable range or position. 7.