Congratulations, you get to share your partners tax burden and pay the depreciation recapture at ordinary income rates. 

Forming an LLC for your rental property can offer liability protection, but no real tax benefit.

Investors get stuck and cannot cash out because of tax complications.

Another downside is you loose on the advantages, of the Federal Tax Code, by not closing in the name of a LLC (you can elect to have a LLC taxed, as a S Corporation which is a whole other conversation).If you want to close in the name of a LLC, Mortgage Lenders will offer you Commercial Loan Terms (25-30% down, a 15-25 year amortization, and a ballon due in 5-7 years).

Additionally, the property includes an outdoor swimming pool.The use of the accelerated depreciation strategy helps real estate investors to reduce the tax liability immediately which therefore increases their bottom line due to the offsetting of income.

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

With the recent tax law changes in capitol gains taxes in Canada and this property not being their primary residence.

I looked into this as well since I'm getting terribly bent over on my w-2 taxes. 

I am new to the real estate game. I have 2 properties now one I live in but Short Term Rent it when not home which is a lot. The other is a Single Family long term rental. Just trying to find out more and better ways ...

Not to mention the tax benefits it allows.