We've got various permutations of our place listed and rented out, which makes it a little more complicated to attribute our utilities, expenses, capital expenditures (painting, deck repair, roof repair), etc. between personal and business use.

In addition to what Taylor mentioned, all expenses attributable to your rental are deducted.In terms of reducing your taxable income, you should get with a CPA to review your financial picture.

@Adam OdomThat's what I was going to add, I'm also not 100% certain on the source though I've mainly heard it attributed to Henry Ford.

The Internal Revenue Code has attribution rules that attribute ownership of parent/child to each other as well as partnerships to each other when there is common ownership of 50% or more in each. 

I can only attribute those realizations to my inexperience and not asking for more/specific images of property as well as, being rushed into the closing by my agent and being too afraid to slow down the pace.

We are only attributing the fee that was quoted to us.

I have worked with multiple investors who have set up their properties this way, but it's a very small percentage (a fraction of 1% of all those I have worked with spanning a wide range of overall property net worth sizes).Another potential negative is currently the 2017 title examination standards for Oklahoma say that the series' are only an "attribute" of the same LLC, not truly a subsidiary capable of acquiring, holding, and conveying real property in its own name.  

I am beginning to see more and more where perseverance is a much needed attribute to be a successful Real Estate Investor. 

That agent lives in the neighborhood and everything too, which was on my preferred list of attributes so the day to day can be more closely monitored.

I also attribute the strategies in this book to the crazy good deal we just closed on two weeks ago.  5 stars!