If they only read your title post, they too may think an LLC has magic tax beans.The idea that tax benefits exist simply by having an LLC is what I was emphasizing.  

Anyone done this before or have an idea? 

This gave tenant good idea of what was expected for them to do as per our move-in and move- out check list.

@Gualter Amarelo I think meeting in the office is a great idea.

I understand that the rules would help you determine if the property cash flowed and that the 2% one was used first, while the 50% was used more like a final factor (in the example).What doesn't make sense is why the property was deemed a bad idea, wouldn't the fact that the 50% rule gave 0 cash flow (rather than negative) mean that the investor would still be able to make money on loan pay down?

You have the essential idea of how it works.  

Creating cash flow is always a great idea.

Any ideas on that would be mucho appreciated, thanks!

Just finished the initial beginners guide book and now its time to put in the action to my ideas and dreams and get started!

I would recommend reaching out to a Florida attorney who specializes in Business Law to discuss your ideas with.