Didn't quit the day job and don't plan to but plan on acquiring slightly newer product to prevent some of these issues.

I would much rather do it now before acquiring the properties than do it later. 

I've seen it happen.A home run scenario would be to acquire or build several buildings that would cover the continuum of elderly care. 

My goal is to use the money to issue micro loans as well as to serve as down payments for newly acquired rental properties.

How long ago did you acquire the property?

However, this is a great way to access markets all across the country that offer decent returns to acquire long term hold properties. 

For the past 13 years I've been investing in and acquiring single family properties through Tax Liens and Tax Deeds.

Can someone tell me what kind of insurance I need to acquire for my Airbnb property?

@Marcus Welson I am not a CPA nor accountant but i think it is pretty clear as already said you can't deduct a loss of more than you Basis (cost) to acquire the asset. 

@Matthew Rolf I know the post said wholesalers but we acquire multifamily that we self-manage and also do 3rd party management, based in the Apopka/Wekiva area with our office in Baldwin Park.