Just need PnL (Profit and Loss) and B/S sheet (Balance Sheet) right?

I would reconsider doing STRs for that reason so that you can potentially take a loss against your W2 income.

Discussing potential profit splits & what happens in a loss situation, liability, stalemates on decisions etc. are valuable topics to discuss.

After all my deductions and depreciation I have a Net Operating Loss.

Happy Pill Bruce so negative 

But, You really can't deduct passive losses onto your main 1040, especially since you are in the 37% bracket. 

I asked the clerk if it was common for the contractor to not show up and her response was...most have outstanding warrants and leins and won't come near the courthouse.Not sure what you are out but it might be better to limit your losses and eat the money. 

We have 5 rentals in seperate LLCs that have created losses on our return.

@Chris F.I like to track job with/losses and median income for that area as well.

(Rental loss = repairs or renovations exceeding rental income)