@Treza Edwards "I am reading the Rental Property Investing book and implementing the method that focuses on cash flow and that strategy states you need to have $300 cash flow per month, per property.

So I do currently have income from my rental properties, however it isnt enough to cover our current costs over here for the next 6 months.

So you can have section 179 losses for your rental even if the rental isn't generating positive taxable income, as long as you have other active income. 

If you are looking at this property from a residential and rental perspective, then it may work as long as you are willing to put your own income into the property. 

I’m no longer house hacking, and all three units are rented out, generating a total of $8,200/month in rental income.

Quote from @Devin Peterson: Quote from @Kieran Dowling: Hello,My parents helped me by my first rental property .

Quote from @Jonathan Small: I have had section 8 rental since 2008. 

I own property and do interior design for rental and investment properties so I stay up to date from my clients and local events I attend through RE associations and meetups which I recommend.

-Management is low - you'll need at least 10% plus leasing costs - typically a month's rent for each lease-up, and sometimes a renewal fee as well-Insurance seems low-Are taxes accurate? 

I think I'm in a pretty unique situation and am trying to figure out the right hoops to jump through to move forward.Long story short, I'm trying to tap into the equity of the rental property passed down from my grandparents that is held in an S-corp which is co-owned by myself, my siblings, our cousins, and an idiot uncle.