You have had exactly $212 in minor maintenance expenses since the day you purchased the property, excluding this occurrence.

Some condos are excluded.

I can get the same LTV in both markets (excluding the real cheap stuff that is hard to finance).

As someone who made this mistake repeatedly in my real estate career, I would beg you not to exclude professional management costs from your operating expenses.Management is not an optional expense.

And, a general warranty deed  as opposed to a quit claim deed requires that all of the liens and mortgages be excluded in the granting clause or the deed will be in breach immediately.

ADDITIONALLY, I have lived in the property for 2/5 years and would be excluded in the gains tax. 

One other thing to add here - the bonus depreciation changes are indefinite - meaning they are no longer set to expire at any point in the near future - which is HUGE.And yes, @Bonnie Griffin Kaake is correct - if the dollars to acquire the property, materials, labor, or anything else in the acquisition or development of the property were incurred BEFORE 01/19/25, they are excluded from the 100% bonus. 

Just because they bought a home doesn't exclude them from the obligation of finishing out the lease.If they move out & stop paying then you can go to eviction court for non payment of rent, try to get a judgment, regain possession & worse case collect.

Appreciation (excluding economic catastrophe) is always there and I don't worry much about losing 100k in equity overnight.

Section 121 Might HelpIf this was your primary residence and you lived there for at least 2 of the past 5 years, you may be able to exclude up to $250K (single) or $500K (married filing jointly) of gain under IRC §121.