The filing means the BK trustee now controls all of the assets of the debtor.

But they had become house flippers in the past year and had financial backing.

An umbrella policy and maxing out the available liability coverage of the LL policy, usually $500k per asset. 

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Here are a few incentives as noted by the IRS:168(k) - Special Allowance for Certain Property (Bonus Depreciation)179 - Election to Expense Certain Depreciable Business Assets Other incentives included in the tax code, however, may reduce the need for a taxpayer to perform a cost segregation study because they give preferential treatment for certain qualifying 1250 property such as 168(e)(6) - Qualified Improvement PropertyHave you utilized either of these incentives as part of your cost segregation study?

I know very seasoned flippers miscalculate or get cocky because they've done a ton of deals and wind up losing tons of money.I would figure out what you are good at, have a passion for and gets you to your ultimate goal (financial freedom, generational wealth, quitting your W2 etc) and work towards that sooner than later.A good place to start in Orlando would be networking with other investors that are local.

States often have their own rules and regulations regarding tax filing requirements.Even if you have a loss, you may still need to report the financial activity from your rental property to the state for tax purposes.

The former borrower tried to do the right thing to resolve past financial issues. 

We love working with them and the education we have received on tax benefits for real estate investors, as well as asset protection. 

So is any asset that has a useful life of more than 20 years, such as the building.