The only thing is WY LLC will flow through the income and losses to our individual CA return. any insight on this matter is greatly appreciated as I’ve heard and saw conflicting things regarding LLC needs to be registered in CAthank you ! 

It’s emotionally draining, but I’m determined to honor his legacy by building a real estate portfolio, just like he did.On top of that, I’ve faced a lot of loss in recent years.

So, an overleveraged property that had no equity to begin with and now an additonal loss from the costs of selling.What could go wrong?

This means I will take a significant loss to ensure investors do not lose their initial investment.   

Remember that you’re incurring a vacancy loss every day you don’t have a tenant in place, so you should consider the trade-off here.

Check with a tax professional.You can manage your taxes if you do cost seg on the vacation rental and use the losses.

It didn't cross my mind when I sold the above property at a loss I mentioned above.

Make sure personal property, business income loss, cleanup cost, etc are covered.Term life insurance.  

Please make sure your losses are not limited under PALs.This post does not create a CPA-Client relationship.

That's fine, i mean the profit and losses I've seen are pretty legit breakdowns.