In my mind, a multi-member LLC where my wife and I are 50/50 partners make sense, but I don't know if that will cause problems at tax time with counting losses from the LLC against my active income.

The amount was based on the possible loss we can incur.But we are not taking in charge the current eviction.

You would go right to QuickBooks and pull your Profit & Loss and Balance Sheet.

Allstate and State Farm in Illinois lately have been huge a**holes as far as providing coverage when a loss occurs.

So I take what you have and what you expect, estimate the time it would take in a whole year of work and create my flat rate.I notice short term rentals are about 1 hour a month of work per property, since we need to track each property's Profit & Loss for Tax time, this is also tracking a mortgage and depreciation as well for that property.

If its local to me, I'll hire one of my kids friends to live there for awhile.... give them some food $$ and have them crash in the unit rent free for a few weeks.

Screen tenants, Implement thorough tenant screening processes to minimize your risk of vacancy and potential rental income loss.4.

However, we’re concerned about its current condition and whether we can sell it for a reasonable price.I’m looking for advice from experienced investors on the best course of action to minimize our losses.

Get ready to spend some serious time shopping insurance and make sure to get rental income replacement coverage in case of a loss.  

., so the $3-400 'cashflow' would probably be closer to $0 or a loss on the property they were analyzing.