(As AZ and your current state will fight over who gets to tax your gains with the federal government.)I have to throw most of the shade on your horrible tax guy/cpa who didn’t tell you renting it out was a $50-$100k mistake. 

I live in Kansas. My single-member LLC is registered in KS. The LLC owns property in MO. The MO property had a net loss for 2024. I understand I file for the net loss. But do I do so in KS, MO or both states?

You may be able to deduct mortgage interest and property taxes before the property is in service. 

Learning from those who had already paved the way, I earned my real estate and mortgage broker licenses, equipping myself with the tools to dive into the market.But knowledge alone wasn’t enough—I needed mentorship.

@Tyler Speelman, A 1031 exchange solves the tax issue. 

Focus on tax-saving strategies such as cost segregation studies and bonus depreciation to accelerate deductions.By qualifying as a Real Estate Professional (spending 750+ hours annually and materially participating), you can offset your wife’s S-Corp income with real estate losses, reducing your tax liability.

Quote from @Blake Winiecki: Figure out how much you want/need to earn, then reverse engineer it to see what options are available. 

What's even more frustrating than asking the IRS help desk, is asking a Turbo Tax "Tax Specialist".

What are true returns for comparison, before or after Income taxes? 

They remit the taxes.