If so, you could consider that tax savings.

Funny enough, prior to 1986 this rule didn't exist, and you could write off losses from rentals on w2 income.

These accounts offer tax advantages and can be a powerful tool for long-term wealth building.Focus on Education and Networking: Continue to educate yourself about real estate investing and personal finance.

If that doesn't cover the principal balance plus all accrued interest, exit fees, yield maintenance, prepayment penalties, default interest, advances made for unpaid property taxes and insurance (even forced placed insurance), advances on senior loans, foreclosure costs/fees, toxic waste cleanup, costs of resale, the list goes on and on...the lender can sue each and every one of you for the entire unpaid amount.The way this would likely play out, should the lender elect to enforce the personal guarantee, is they would file suit naming each partner as a defendant. 

You don’t necessarily need to be local but there are also misconceptions and rules to follow:https://www.biggerpockets.com/forums/530/topics/1056436-clearing-up-confusion-on-tax-treatment-of-short-term-rentals

I have to move, I lose job, he dies, etc.Who pays taxes and insurance?

If renters have to bring their own stuff, they're less likely to bounce because they'd have to move all their own stuff.)Month-to-month-- Principal, interest, taxes and insurance (PITI). -- You'll keep back maybe 5% of all rents for routine maintenance and another 5% for capX (big expenses like roof or furnace replacement).  

I'm glad to hear you've had success, though I think tax liens and tax deeds are different animals.

My hesitation in keeping it is the huge property tax I pay every year about $18k.

Jack Bosch and a lot of the land flipper guys who teach it like to have their students buying in the high deserts and remote areas of the Western US  or in FLA like le High Acres etc. this is were cheap land is and land that gets traded constantly at tax sales.. the play for most of them is really simple.buy at tax sale or with direct mail.. for a few grand  re-market them for more and sell on terms and collect monthly payments..