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. 

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.

So, at this time I’m unsure if we have 100% fully recovered from the fires as far as cabin counts go.  

I highly recommend local meetups, as you can meet other investors who have already gone through the wins and losses.

Here in Richmond, Virginia we use a company called Stop Loss. 

If you have ever been confused as to why a big decrease or increase in CPI didn’t seem to move things, this is probably why.Jobs reportAnother key monthly economic data release from the BLS that can greatly affect interest rates is the jobs report, which estimates how many overall jobs (nonfarm payroll employment) were added or subtracted in the prior month, as well as a calculation of the unemployment rate.In 2024, this report may have overtaken CPI as the biggest market mover, as many financial experts expect the Fed to potentially cut rates if large job losses occur and the unemployment rate spikes, even if inflation had not yet returned to the 2% target.These reports are typically released on Friday mornings, also at 8:30 a.m.

To mitigate this risk without using an LLC, consider:Umbrella Insurance: This provides additional liability coverage beyond your standard homeowners insurance.Equity Stripping: This involves placing a lien on the property to make it less attractive to potential creditors.Land Trusts: These can provide some anonymity and protection while allowing you to maintain personal ownership.Insurance:Ensure you have comprehensive insurance coverage, including:Property insuranceLiability insuranceFlood insurance (especially important in Florida)Loss of income insuranceLegal Structures:While you've decided against using an LLC, consider consulting with a local attorney specializing in real estate investments to explore other potential legal structures that might offer protection without the tax implications you're trying to avoid.Property Management:Given that you're based in Europe, consider hiring a professional property management company to handle day-to-day operations, tenant screening, and maintenance issues.Market Research:Thoroughly research the specific areas in Florida where you plan to invest.

Even the wealthy community of Lake Naomi nearby is having serious problems recovering property values.https://www.reuters.com/article/us-usa-housing-underwater-insight/millions-of-americans-still-trapped-in-debt-logged-homes-ten-years-after-crisis-idUSKCN1LU0EP