The amount you can write off phases out if your AGI is above $100K and goes to zero once you hit $150K.If you qualify as a Real Estate Professional Status (REPS) then any passive loss can offset any active income.  

In theory, you would only hit the maximum SS amount (possibly SDI depending on your state).I think the bigger question is: did someone advise you on making an S-Election for a rental property?? 

I'd tell her it is a trip hazard and you need to fix it. 

I am a realtor licensed in NY and NJ, sourcing off market fix n flips, development and investment deals to investors and developers.

I also love the amount of control it gives me vs.

Despite the size difference, they each required about the same amount of time and effort on our part.

Purchase price: $242,500 Cash invested: $24,250 This was my previous primary residence, I have since been able to take a substantial amount of cash out of the home.

If the property had a washer dryer when I purchased, I leave it in the house and inform tenants that if it breaks, I do not fix and they can buy their own w\d and take it with them when they move out.To many people will detroy a washer and dryer by overloading.

Where every member has certain amount of influence.  

For example, when listing houses for rent in the Akron suburbs that would be attractive as owner occupied properties, the amount of calls you get from agents and buyers asking if the client would just sell it to them.