if it is unsecured loan that is the consequence, you lose they entire thing. as far as tax write off, sorry but none.

Taxes and requirements should be much lower for a LTR

Whether you need a CPA with just three rentals depends on the complexity of your situation and your comfort level with DIY tax prep.If things are pretty straightforward, you might be fine with tax software for now.

The first year my property taxes were $1,619.

Somebody bought that house at Tax Sale.   

I am in one of the higher tax brackets and could be saving around 40k~ a year on taxes with this.

I set up tax lien as a keyword alert so I get alerted when someone mentions them.

Could VRBO users from Michigan provide some clarity about the topic of sales tax/lodging tax collection and payment to the state.

., mortgage interest, taxes, repairs, depreciation) on Schedule E starting when the property is placed in service.

You may be able to deduct mortgage interest and property taxes before the property is in service.