I know folks who bought strip malls and multi-tenant retail in 90s for 5-10 cents on the dollar at auction from Resolution Trust Corp after Savings and Loan crises in Texas, We are now going through similar deleveraging event after super frothy period in Multi-Family due to 0% fed funds x 20 yrs and many properties bought at 3-3.5 cap rates, especially in austin/dallas/H-town. 

There have been at least 10 requests over the years for examples of people being sued and their LLC saved them.

My funds are 35k liquid plus 1.4k/monthly savings towards investments.

What I'm trying to say is that I recommed giving us more details or if you don't want to put personal info on the internet find a in-person tax professional or accountant who is familiar with rental property taxation to determine your eligibility for deducting rental losses and ensure that you're compliant with tax regulations.

Would have saved, saved saved that money from roommmates and repeated the process again every year or two. 

Maybe I'll make the trip out but I'll PM my contact info! 

It's used to save money for sure, but it is a good item, even plywood will delaminate & mold from an ongoing leak.

Thank you for any info.

Thanks everyone for the info!

I really appreciate this info, I am familiar with the process but do you know how I can sell to those companies who buy the house?