@John Zhang If your wife qualifies for Real Estate Professional Status (REPS) and materially participates in managing rental properties, there is no limit on the amount of rental losses, including depreciation, that can offset your W-2 income.

Keep the property IMO.

With enough knowledge you can make a educated decision on which approach you take.My experience:I personally don't sign up for any program who take you aside during events and try to sell packages that is just blatant sales strategy.Once you sign up there is every attempt to make you sign for their programs for bookkeeping, registered agent, LLC or corp setup fee which have ridiculous even with platinum membership.Basic standard structure they suggest to take advantage of multiple deductions can be easily achieved by proper education or work with a good firm like https://wcginc.com  who is local to you.A umbrella C-crop to manage all other LLC properties and take advantage of many tax deductions that are not available with a llc, its also used to take losses up to 100K as startup expenses and dissolve the entity after few years.Few LLC entities for investing in Real Estate, etc preferably in Wyoming or Nevada ( you can find many companies online who can do this for $150 compared to anderson $1500-$3000) , they will claim they have a secret Operating agreement which is bogus.They certainly try to take advantage of tax loopholes and claim to be smart people, my view they are just taking advantage of numbers as per their own statements.

@Alec Jacobs you have a good process as far as making them fill out a application before touring the property.

- I understand that properties go to auction, but what’s the process like from start to finish? 

we have two properties under agreement and both are $2M + and VA loans, which i was shocked they go that high, so yeah they are powerful.

Hi Justin - It sounds like your Airbnb is performing really well, especially considering your initial intent for the property.

If you cash out equity in a property, you are "borrowing" that money from the lender.

I am looking to invest in some properties in DFW but did not realize how many houses had foundations issues here due to the clay soils. 

@Christina Galdieri A 1031 exchange cannot be used for the sale of a business itself, as it only applies to the exchange of like-kind real property used for business or investment.