So you have LP who makes investment then when it does not go right has no clue what to do @Chris Seveney then points out not only did they get wiped out but if there is significant cost seg taken there will be some pretty hefty tax due and the LP did not know if there was a cost seg or not..

People are going to start thinking about spending their tax refunds in the middle of January.

Then I would have a little more equity and like you said at that point it would be a loan against an investment property which is tax deductible right? 

Also, we'll need to know what your other expenses will be (taxes, insurance, etc.). 

This is relevant for multiple reasons 1) appreciation is where the real wealth is generated in RE 2) real estate has tax advantages over cash flow 3) in CA property tax increase is capped.  

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

Or maybe there's a special sauce for sloppy tax professionals?

Something like this:  Admin/Mobilization/Shipping: This section accounts for paperwork and other administrative tasks. 

@Randall King If you find the property isn't performing well, a 1031 exchange would defer the tax and concentrate that equity into something that has a greater cash flow potential, like what @Corby Goade said.

It is not cash flow positive at this time due to high interest rates and property taxes.