I’m a US citizen/Canadian resident. 

Let the property wash its face for 5 years while allowing it to appreciate at 3-4% rate.

The only real issue I've been seeing is that there is somewhat of a backlash from the community that currently resides there pre-gentrification.

To that I say "good for you", the poor guy's case dragged on for a while, and in his case, the judge didn't throw it out.And why was he sued?

Now hes not looking at this like any flippers on BP would, hes not trying to make a huge profit but more so save his residence and come out ahead with a slight discount. 

The original loan related expenses are not added to the basis of the property. the points that you paid on the first mortgages was deductible then because it was for the purchase of the primary residence.

If the PCR report indicated any issues such as the plumbing not holding pressure, you will not be able to get the water turned on.

I'm excited and am feeling the pressure (hence my 5 year mark). 

Just needs a power wash on the siding and some new plants out front.

They said because it's a rental property not my primary residence