Assuming we're talking about traditional, long-term rentals (and not STRs), there is a small taxpayer passive activity loss allowance for rental real estate of up to $25k if your modified AGI is $100k or less. 

If they get a wave of emails saying how hard this would be on Mom and Pop landlords, they will likely modify this, especially during a close election. 

Purchase price, however, cannot be modified once a deal is acquired.

If it doesn't, modify and review at that the next 90 day mark.

Yes, there are a ton of restrictions and you might have to modify your land search to areas further out or you might consider purchasing an existing small park. 

If your expenses are greater than the rent, than you get to deduct the loss against your income if your Modified AGI is below 150k. ( unless you qualify for RE pro and it’s requirement) There is not tax benefit if your have net income.

I might modify the add to be sure to include that you require a rental application to be filled out.

Not sure about mainland US but in Hawaii worst case that could happen is a neighbor reports some type of building permit violation to the county - and then the county requests to inspect the property, sees something built without a permit, and then sends the property owner a notice to modify the property to correct the issue. if the property owner doesn't correct the issue after a certain period, they start fining the property daily.

There are ways to offset Passive Income with Renewable Energy Programs such as the Federal Tax Credits, Modified Accelerated Cost Recovery System (MACRS), and Cost Segregation Depreciation, however, Capital Gains is another story.........This is where a skilled accountant is critical.

I set reasonable expectations in writing about certain behaviors I wanted modified and messes I wanted cleaned up outside. 34k in on-time rent later, I'm satisfied with my decision.