I choose the calendar year I pay in based on where I am with deductions for the year; if I'm already maxed on deductions I hold the payment until January; that gives me potentially double deductions that year. 

Otherwise expect to have to added to your rent/deducted from your security deposit. 

At a minimum, if you want to shelter W2 income you need to know the IRS rules regarding passive activity losses and the exceptions, and also about the largest tax sheltering deduction, which is cost segregation and bonus depreciation.

Any other possitive factors  - stable tenant base  - alarm systems  - regular checks on the property  - no pets  - Lead safe certification  - newer roof, plumbing, electric, etc..Anything to balance off the lossesBe prepared that it may end up in a non-standard (surplus lines) market for a couple of years.If you did not have flood coverage before, see if they will continue the current policy if you get Flood coverage and increase the property coverage deductible. 

For newly constructed, purchased or renovated properties and also retroactive generally over the last 10 years, building components are properly classified into individual units of property and accurate recovery periods for computing depreciation deductions.

I took the tax deduction in 2018 for my loss.

While there are returns and security in substantial positive cashflow, you also get returns through appreciation, tax deductions, and loan paydown.

Insurance would cover it, I would pay the deductible, and no assets would be lost.If you are in an area like San Diego where people are more likely to sue, a judge is more likely to find you guilty, and the payout is expected to be higher, you may consider an umbrella insurance policy.

Writing off deductions is one of the many benefits of real estate investing.

Deduct 10% in selling expenses.