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

That's a long ways out but it's food for thought. 

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.

Food for thought. 

The price includes:- 3 nights at the Moon Palace resort - access to 3 conference keynotes, breakouts (60+ speakers), 3 big events for everyone, the exhibit hall, podcast host meet and greets, author signings, networking breakfast and lunches, and more- AND the all-inclusive amenities, meaning all your food and drinks at the resort- There are also extra services on-site, like a golf course, spa, childcare, and more. - Kids 15 and under are free to attend! 

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.