This may decrease the amount of dues owed per unit, but also creates major issues when there is a hail storm or other loss that effects the exterior and shared spaces of the property. 

If you have rental losses and you're a qualified real estate professional, those losses can offset the income from property management.

I am having difficulty figuring out how to use the numbers here to see whether i cut my losses or proceed knowing some major capex work could be done after renovation, so hopefully no major expense in the near to medium term, and all the potential of the area in price growth and rental growth.  

Usually the first few years you’ll get a paper loss, so no taxes to pay, but once you show a gain you’ll have to pay.

First, it's a plan-z measure, that if they have to take the asset back, that after all the expenses of such and what-not, there potential losses are mitigated to $0 or as close to $0 as possible.

Interested to see how you weight things and what you look for. 

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

If it is due to a condition of the property (multiple losses, unrepaired damage, etc.) it will be more difficult to get a regular company to write it. 

You will still be able to benefit from the losses whether its set up as a MMLLC or SMLLC since you are married.Main thing to keep in mind from the tax side of things is that MMLLC may have a Form 1065 filing requirement each year and increase your tax prep fees.

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