If positive, it's generally treated like income or offsets the liability for that property to $0; this is highly dependent on the circumstances.

Note that Harish neglected to mention any of this.

There is much to learn: pricing, marketing, screening, contract law, lease enforcement, late/unpaid rent, property abandonment, squatters, maintenance, tenant neglect or abuse, communication, and 417 other things.Buying a decent property but not managing it well can impact your finances, marriage, sanity, physical health, and desire to invest.

The out of the box strategies and set ups sold will never replace customized AP/Tax strategies based on individualized circumstances. 

From my understanding, insurance won’t cover a dead tree falling as this is a result of “neglect” but would my current dwellings insurance cover it under personal liability?

I see that real estate agents and brokers are too negative on sub to deals……investors looking for low interest rates and or low down payments are too positive on the same.As I stated the reality is somewhere in between, depending on individual circumstances.  

If they find out, they can get really intrusive and they do not care about your circumstance.

In some very attractive markets like coastal cities I can see it being worth it not to rent the unit or rent it only under very limited circumstances in the low season because the high season is just too lucrative to allow anything to affect those bookings.

Therefore, you would need to file partnership returns for each LLC.Given these considerations, both approaches could be correct, depending on the specific circumstances of your LLCs and state laws.

To guard against neglectful tenants, the leases do say that repairs to the refrigerator, washer and dryer will be made at the discretion of the landlord.