You forgot to put your location in your profile.

There are several different types of income in the US tax code.Two main types are “active income” and “passive income".Active income is money you earn from working, such as wages from a W-2 job or income from running a business.Passive income is money you earn from investments like real estate, stocks, or rental income from your RE portfolio where you earn $ without actively working.Normally, you can't use passive losses (like losses from real estate investments) to offset active income like your salary from a W-2 job.That is unless you are an RE Pro.The reality is, that Real Estate Pro status is just a filing status similar to filing married or jointly.And if you are a real estate professional you CAN use passive real estate losses to offset active income from other sources.To qualify as an RE Pro you must:1.

Quote from @Jake Hughes: How long do your renovations typically take when hiring a gc?

Welcome to BP Sylvester.

You often only have to worry about tax upon the profitable sale of an asset. 

I was able to see those for you here https://www.biggerpockets.com/analysis/rentals If you can't see those feel free to email [email protected] with your browser and a bit more information about where you are seeing the issue

You may qualify and make it your primary for two years before moving to the next. 

How has that worked out?

You need to research/know the rules, laws and regulations (including HOA if applicable), like you'd do in any US city.

If you're thinking about closing a property under an LLC, there are a lot of advantages that make it worth considering.