Since they are not qualified as Real Estate professionals, this is treated as a passive investment.You have to file separate return for your LLC and the combined rental activity profit/loss from all the properties combined will be carried over to your personal return each yearLet's say over a period of  say 10 years, Property A  had losses of 25K,  Property B of $35K and Property C of $10K.

Before a had a property manager, I had charged the cost of the background check for each person over 18 who would be living there.

It was assumed therefore that 201 votes were needed to guarantee a position.However the ballot form allowed homeowners to vote for 3 out of 5 candidates.so 3000 votes were available instead of 1000 meaning 600 votes would guarantee a position.Candidate A had amassed nearly 200 proxy votes thinking it was conventional voting, as did everyone.However if we only voted for 1 candidate they still got 1 vote, not 3.A board member had collected 500 proxy votes, but then added their 2 candidate choices on the ballot also giving those candidates 500 votes each.It is felt that the voting system was fixed. 

Think 2008, what would you rather have a had a 100k house that you are making 20% on from equity pay down but no cash flow.  

But this information alone wouldn't make me think Property A had endemically high operating expenses.

All units seem to pay on-time (Unit A had two late charges shortly after they moved in, but have otherwise paid on time for over a year). 

All of the reality of the horrors of what will unfold next will play out over the next several months and possibly at the expense of several more thousands of dollars coming out of your pocket.Wow, it sounds like you have a had a very bad experience working with management companies.

@Bill Hampton, @Basit Siddiqi, @Ahad Ali Thank you all for your great advises.

Had a had a credit card I would have probably maxed it out, but I don't have credit available.

In the beginning  when the appraisal was requested, lender A had approved, a "Drive by" appraisal.