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

Fannie/Freddie (Conventional) loans aren't just about rate and transfer taxes. 

The only taxes I remit directly now are the tiny town tax they implemented of 1%.I just take my net income spreadsheet and calculate the 1% and give them a check.

Taxes and requirements should be much lower for a LTR

Any business could do this with their services and the savings would certainly justify the additional effort.But if you take advantage of the new law, wouldn't the renter do the same?

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.

Anyone answering is not responding as a Tax accountant, Insurance expert or as a Financial advisor.  

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

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

Somebody bought that house at Tax Sale.