Make sure you get professional guidance on the corresponding reporting and let me know if you'd like to talk any more details. 

If you are not Materially Participating, the loss will be reported on Form 8582 and like be classified as "Unallowed".The ordinary loss from Schedule E cannot offset the Schedule D capital gains. 

A partnership vs. disregarded LLC warrants consideration- you face different reporting requirements, limitations, etc. 

I will usually ask them questions about the items on their report and make a decision depending on the level or responsibility they show.

Also, all it takes is one neighbor who doesn’t like you to look up your 5 bedroom Airbnb listing and your 2 bedroom house in county records to report you to the health dept, and then so much for flying under the radar.

These folks do not need to be licensed but there are limits on what they can and can't do, and they have to be salaried employees of the owner or report to a licensed property manager.

He said no wonder its taking a year for a simple report. 

I’ve gone to the alderman, I’ve reached out to a news reporter.

We perform a Due Diligence Report that spells out all major items that could affect the project success. 

How SB-423 Accelerates Coastal Development: // Faster Permitting ·For projects with 150 units or fewer: - Eligibility Review deadline: 60 days from submittal - Approval deadline, including Design Review: 90 days from submittal · For projects with more than 150 units: - Eligibility Review deadline: 90 days from submittal - Approval deadline, including Design Review: 180 days from submittal · No public hearings or environmental impact reports for qualifying projects // Smarter Development Rules · Excludes high-risk areas, like those prone to sea-level rise · Ensures projects meet affordability and public investment requirements // More Housing, Less Uncertainty · Projects stay approved if at least 50% of units are affordable and include public investment beyond tax credits · Opens up new opportunities in previously restricted areas · Clearer guidelines help developers plan with confidence