I've seen anywhere from $25k - 50k, but can even be $250k with the bigger companies, but want to get thoughts.

(you do not pay the taxes you lose the house, and you do not pay the insurance the lender will put insurance on the property for you)  Assuming the properties are showing up on your tax returns the income/loss will be calculated from the returns using this form:  https://content.enactmi.com/documents/calculators/Form1038.C...The form will allow you to add back your paper loss of deprecation on your returns as well as your property tax, insurance and mortgage interest deduction as those last three are already taking into account into your payment as mentioned in the first paragraph.

@Scott TrenchOnly thing I can think of is He just recorded a video on YouTube that discussed a former employee of bigger pockets and had some criticisms.

If you have each been declaring 50% of the gain/loss from each property then you would each be the "tax payer" for 50% of each of the properties. 

You are taking a good first step by looking into the bigger pockets community.

There are companies that can do this for you.Having the property in your name will not stop you from taking a loss on your taxes, you don't need to move it to an LLC to accomplish that.

Hector Welcome to Bigger Pockets and I wish you all the best in your investing journey!

How does one get the 20% off Home Depot Paint being a Bigger Pockets Pro Member?

Hi Bigger Pockets!

Good advice above- I'd just take the loss- who wants to deal with litigous tenants anyhow?