When income from rental properties is considered passive, it is subject to passive activity loss (PAL) rules.

Current CPA says you can form an LLC and take any losses as a K1 loss on your personal taxes. 

If a property is making no cash-flow, when depreciation is factored in it is a paper loss on your taxes.

It is completely free, there will be food provided, and multiple industry partners coming to talk and bring information.

Sam,I would add a couple things from the Insurance side:1. request copies of loss reports (AKA Loss Runs) from all their insurance for at least 5 years2.

Each of them sought the property for their primary purpose of worship/office/etc, and then sought out additional uses as well - nursery school, food bank, place of worship for a Jewish congregation (Saturday versus Sunday), auxiliary space for the local library that needed additional educational space, counseling, etc.There is merit to your concept, but many factors come into consideration:  zoning, parking, how easy it is to "convert" space, etc. 

And that risk of loss of that interest has passed to the buyer.  

Can we takes losses from syndications (as a LP) and deduct those losses from our W2 income, Based on the fact that my spouse qualifies as a real estate professional?

No "headaches" except for risk of near total loss of principle unless I put more money in...I'll take the risk of a project that I need to complete personally in exchange for a near-perfect risk/reward profile and complete understanding of the investment.

If you got the property using a second home loan, you want to be careful with the amount of days that you stay in the property.If you stay in the property for more than 14 days, it may potentially be hard to utilize the losses against other forms of income.