Apparently you can take the same write offs personally as you can in an LLC, just keep track of expenses diligently and be ready to defend them in an audit, which you should do for an LLC anyway.

I work for a litigation law firm, and based on my experience, when an LLC gets sued, the individual is also named a defendant 100% of the time. 

Champion.

I'm not defending these guys' actions, but how do we know whether the properties weren't already underwater and the owners already in default?

Most court records show address of plaintiff and defendant ect.

They can involve the Police, and have the right to defend their property.I know what you must be thinking - It is MY home.

Originally posted by @David Abbate:Now hold on.. everyone is having a good laugh here, but what if she were asking about commercial multifamily.If she could show a lender that the property had years of solid cashflow behind it (not talking about one if these "no cash flow, bought for appreciation" ******** deals I see certain forum members constantly defending), and was not in "serious rehab needed" condition, you are telling me she couldn't get a commerical loan on that? 

It was implied that we would likely get audited and they would not be able to defend that claim. 

But the equivalency of consolidating several TIC positions into one entity ownership position can be easily defended on business reasons.

Honestly, all of the big ones behave in pretty much the same way, since they all embraced some iteration of the "deny, defend, delay" tactic.