Lower gas prices  which can be a negative to the oil industry job areas in some parts of Texas is usually a positive across the country because people can travel cheaper and spend that money on other items BUT this virus thing has negatively affected that.I hope the virus peaks soon and this warm weather helps (flatten the curve) faster,slow the spread , and the virus goes away so economy can get back to recovery sooner.  

@Dennis Hill negative.

The could essentially negate all cash flow for tax purposes.

I'm willing to give up profits for awhile, but not willing to operate at negative cash flow.

Should I only claim the expenses and income for property #3, the 10% management fees for property #1 and #2, other rental listing costs, and business legal fees etc. on the business?

Currently real estate does not seem to be impacted negatively in Charlotte area, it looks like the other way around.

I believe it will need:RoofWater HeaterAppliancesHVACNew FloorsPlumbingPaintCabinets/CountersLandscaping (which is not very much)It is near a college so I was also considering renting it by room as well.The prefinance analysis is negative as there would be no income.

Some tenants may be affected in a negative way.

.- Would this transaction trigger any negative (or positive) tax consequences? 

Hi Babek,On a positive (Negative) note--Coffin sales will be way up.The glass is either Half full or Half empty it all depends on how you look at it.Life is what you make out of it, and even during a Depression money is still being made (not everyone is down and out).Just my 2 cents.