Nonetheless, the rules regarding how losses can be used to offset gains can vary by state, so it's advisable to reach out to a professional tax advisor that can recommend solutions based on careful examination of your situation.

I would advise you reach out to someone who is experienced here and do NOT try to do it yourself, as it can get tricky fast! 

Is this even doable or advisable?

I have 6 rental properties & have been advised by an attorney group to open 6 separate LLC's . 

I would advise you end the cycle of suck.

To be fair, you don't need to read everything if your lawyer has.Secondly, even if they put it in writing, the OA and PPM will waive any and all other statements in writing...The GP should be advised by their attorney to NOT put those items in an email.

And even though virtually every sponsor agreement allows me to share investment information with others who might be advising me on it (especially when club members are bound by an NDA), I still ask the sponsor if I can share it, because it's a test.

If you were to self manage that would increase your cash flow but that's another level of time and risk involved and if you're doing it out of state I certainly wouldn't advise it. 

I did have another bizz partner that had an ocean front condo in Kona and he liked that knowing him it was probably a well over a 1 to 2 mil prop. the build it and they will come does not always work.. your just going to have run the math try what your doing now which is get advise on who to market that prop ( which I have no clue how to do) and see how it goes.

What would you advise for situations like these?