Mortgage Interest Deductions: Are there any limitations on how much mortgage interest I can deduct for my rental properties?

While you likely won’t owe taxes due to the loss, filing is still required since the rental property is located in Missouri.Kansas (KS): As a Kansas resident, report the rental loss on your KS state return (KS-40) since Kansas taxes your worldwide income, including out-of-state rental activity.Tax Impact: The rental loss reduces your federal taxable income and may lower your overall state tax liability.

Some of the benefits are transaction speed, limited liability protection.  

Most better policieswill not have a deductible for either the Liability or Medical payments coverage.

I see people without capital being encouraged to increase their credit card limits to incur  $20 -40k debt which they are told they’ll “earn back” in the first one or two deals they do.  

Your primary insurance policy with $300,000 in liability coverage should be sufficient in 99.999% of all lawsuits.5.

You are dealing with a real estate transaction and there is a lot of liability and exposure, especially for the inexperienced.

Now this does create a chain of liability where you (the employer) is liable for any misdeeds by the non-licensed employee be it by intent or ignorance, it will not matter. 

Regardless of your approach, forming an LLC is the smartest choice for protecting yourself from potential liability caused by the numerous tenants you will be hosting in your property.

Crossing the lines may not provide proper liability protection.Personally, I just kept my SF rentals in my name and got excellent insurance coverage, $500K per property plus a $2M umbrella.