When you sell the house later, even if during that 3 year period when you can still claim the primary exemption you will still have to recapture depreciation.If you decide to continue to rent the property past the 3 year mark you can always take advantage of a 1031 exchange when you sell and defer the tax.  

In a monetized installment sale you defer the taxes by selling on an installment contract (seller financing) through an intermediary.

And over time you will have tax-deferred operating cash that can contribute to acquisition capital. 

It has never cash flowed, and so has deferred losses for the past 5 years.  

Meanwhile, it is also not a bad idea to invest in stocks and add to tax deferred retirement accounts.

You can get a lot of deferred maintenance covered and reposition your property.

I would do as many tax deferred tax free plans as I could --a 401k, an IRA, ESA, HSA etc   However, Our solo 401k clients biggest mistake is they hire employees which soon nullifies a solo 401k plan and adds new 401k plan costs.

Is there deferred maintenance/repairs that need done or is the property pretty much turn-key?

You might have a vision for the place but there is nothing worse than owning a property, having a vision but not being able to execute it due to lack of capital or the need to deal with problem after problem of deferred maintenance.

The $50k is an estimate on catching up on deferred maintenance.