When you write up your profit and loss statement, how do you break down the mortgage?

@Marc ShinI did, after doing 5 locally, the long distance rehab cost me $65 k loss .....never again

I use the loss on this property against cash flow on other properties.  

Also, if you have more deductions than income, i.e. losses, then normally it means you are losing money.The primary way to go is with depreciation, since its a non-cash deduction. 

Let the insurer take whatever steps it finds are necessary up to and including payment for the loss which may or may not be as much as or more than the amount of insurance.

You cannot assume his mortgage since its a "Marital asset" he will need to sell it to you in order for the wife to get bought out based on her equitable share.You can buy it from him if they agree to a price but I seriously doubt the spouse is going to take a loss. 

You're going to have to make repairs or end up selling, probably at a loss and you will have to disclose what you know.

We have rental properties in various LLC's and until recently were under the impression that the deductions we could claim against my W2 income was limited to her percentage interest in the LLC's (i.e. since we are 50/50 members in the LLC that only 50% (her share) of passive losses can be deducted against my ordinary income.  

You can specify the coverage level for the dwelling, household furnishings, loss of use, liability, and medical payments to others.

Your gain is sales price less sales expenses less adjusted basis.Your adjusted basis is purchase price plus improvements less depreciation.Also factor in any passive loss carryforwards when calculating your gain.Your CPA should be able to discuss with you what tax implications would be upon sale.