What if there is a storm and the roof needs to be replaced and someone needs to pay the deductible?

Insurance would cover it, I would pay the deductible, and no assets would be lost.If you are in an area like San Diego where people are more likely to sue, a judge is more likely to find you guilty, and the payout is expected to be higher, you may consider an umbrella insurance policy.

I would like to know if this is a deductible expense on my taxes.

Bear in mind you will still owe depreciation recapture tax for depreciation deductions you took while operating it as a rental. 

Hi, if my wife becomes a real estate agent in New York (we live in NY) and we buy properties in other states such as Florida or Georgia, can we use segregated deductions on houses we buy outside of New York in order to pay less income taxes from my earnings?

There is a fairly new 20% pass through deduction you may qualify for that could help you, but not everyone qualifies.

So my question is:Can I use this loan money to build and buy property in Mexico and still be able to deduct it 100%?

*The taxpayer or RPE attaches a statement to the return filed for the tax year(s) the safe harbor is relied upon.If I don't meet all the 4 bullet points for Safe Harbor am I still able to take the Qualified Business Income Deduction for a profitable Rental Property?

You can make a lot more on $2M than the $138k revenue less deductions. 

What you do with your money is your business, except the IRS wants its percentage of the profit (well, less any other deductions that apply).Don't forget that investment properties have to take depreciation.