@Cassidy Burns  As others mentioned, and my CPA has stated to me in the past, as a single member LLC, there's is no impact on how it's handled for tax purposes. 

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And we got lucky again because the house never burned down and we sold it for a nice profit.

I’ve been burned twice in the last year by being too nice and listening to their problems.

I don't waste my money on insurance hoping the sucker burns down and I make bank.

If you're making thousands on that deal, that $500 "loss" to you now, could be tens of thousands of lost profits in the future if you burn a bridge and they start giving all of their future pocket deals to other investors.

However, like the others have said make sure you will have solid cash reserves to start off with so you don't get burned with an early expense that you don't have the money for in order to give yourself time build up reserve funds. 

Because I'm more than half way through a 15 year note, I'm burning down my principle pretty quickly so I'm "picking up steam" with my IRR. 

Honestly, I'm a bit burned out.

But a lot of burned out and other such houses waiting to be demolished by the city.