Whether you are starting an online service or buy a food truck, endless possibilities..

By default, a multi-member LLC is taxed as a partnership, meaning that profits and losses flow through to the individual members' tax returns.

The tenant wants over 13K to cover stay at a hotel (that only has a small fridge), food for the family, moving costs and storage costs which is about 2x the amount the city expects.

We have some good Turnkey providers here but that product never appealed to me due to the entry price, declining rent as the house deteriorates and there is no real exit strategy without taking a sizeable loss for the first 5-7 years in most cases. 

If you overpaid in 2020-2023, based upon bubble multiples, the picture isn't as rosy.You have a choice to make:  Cut your losses or grind it out.

To give you an idea of how it change the Real Estate industry, the law contributed to the elimination of the capital gains tax differentials, the increase in the period for writing off taxes for depreciable real estate, and the limitation of the deductions of passive investment losses.

You can not deduct the down paymentYou can deduct any costs you incur to upkeep the property(Repairs, insurance, taxes, depreciaiton, etc)Whether you can offset the rental loss against other forms of income depends on whether the property is considered active or what your income level is.

If you do it anyway, then you must accept that you will probably realize a loss because those people will not respect the time, money or effort you put into a rental property and will just think you're a greedy bastard. 

Just food for thought

It doesn't bother me to lose some money on my place because I use it, I like it, and I'm working towards higher rates with some of the improvements, but I can afford the loss.