I have had them for about three years, but have only had to use them once and it turned into a headach and required a pretty good deductible.  

I would not be a managing member and would just get a K-1 with Line 2, Rental Real Estate on it, which I understand is not subject to UBTI.And then could we allocate tax deductions, both cash (maintenance, etc.) and non-cash (depreciation), to the taxable guys to sweeten the deal for them in exchange for perhaps a bigger piece of the profits for me so we're all whole in the end (i.e., their additional tax benefits cancel out their surrendering some profits to me so everything ends up having substantial economic effect)?

All mortgage payments or condominium and association fees will be current at Seller's expense at the time of closing.5.Payment of Expenses:If Buyer fails to perform, all loan and sale processing and closing costs incurred, whether the same were to be paid by Seller or Buyer will be the responsibility of the Buyer, with costs deducted from binder deposit.

With Intuit Payment Network you can set up a recurring payment where you choose the day payment will be deducted from your tenant's account.

Obviously, it pays to shop around for best coverage, best price and lowest deductible!

The quote I received provides for a limit of $140K in coverage with a $2500 deduct. 

Or are you talking about the interest deduction on a HELOC?

The other edge is that the depreciation deduction decreases your basis.  

The structure is simple, if the tenant pays early or on time I deduct a certain amount from the last month of rent.

So, if all my expenses happen this year and I sell the house next year, Do I deduct them as business expenses this year and pay huge tax on the full sale price of the house next year or do I just sit on them and deduct them from the profit on the house next year.