This is because they didn’t budget properly and rent wasn’t high enough to cover actual expenses (repairs and maintenance, cap ex, vacancy and loss, tenant damage and turnovers, etc don’t expect to have any money left over after all of these expenses are accounted for if the rent is less than $1,500/month). 

Any property you get into, though, you should plan to have a good capital reserve account to address the problems that will inevitably come up.If you're looking for properties that have stronger cashflow, I would look toward the South East of the USA. 

Purchase Another Investment Property and Utilize a Cost Segregation Study:When you reinvest in a new investment property, you can perform a cost segregation study to accelerate depreciation.

@Harsh PoshtiThis will be dependent on the area and I would recommend you perform a market study to determine which project would yield better results and if either is even viable.

Typically I would just run it through my name but there are areas of ohio that target out of state owners if its a single family and will send you fines and violations  for every little thing. you also should talk to your attorney and accountant on how it impacts taxes

Insurance, bank accounts, credit cards, etc.You are probably making your life more complicated and expensive than it needs to be.

It would help if you studied how your home compares to others and ensured it is priced right.

@Jaycee Greene I’ve contacted big banks small local banks and I haven’t quite tried credit unions although I have 2 credit unions for which I have accounts (but my experience is that they aren’t offering that much better terms).

By sending a check, in many states, if the tenant cashes the check they are de facto agreeing with your damage assessment and will have little ground to dispute your accounting.  

Tasty Trade is a brokerage that has allowed IRA LLCs/Trusts to open brokerage accounts.