You can write off expenses like taxes, insurance, etc.

LLC has more tax treatment options (taxed as a sub S) and better protection than a land trust, if managed correctly.

It is simply the IRS tax law.

I like Tahoe Reno, NV market because of the appreciation growth, low taxes, landlord friendly, and constricted supply. 

This has been a side thing for us, and our accounting has been old school manual spreadsheets, along with rent collection varying from tenant to tenant (Zelle, PayPal, cash app, etc…) neither of us are great at keeping up with accounting which makes tax time a nightmare.

Make sure that you have enough cash not only for the down payment, but also to cover the costs of closing, origination fees, property taxes, insurance and so on.

I don’t need to submit a No Tax Due Report?

BUT if you do you will pay tax on the difference.You've been told or you've researched and think that you will not pay tax on your original basis and that is correct. 

Looking for a CPA/tax consultant.

The general investment profile of recent investors are second home or vacation home buyers, typically from out of State or area, and looking to take advantage of the diminishing benefit of the 'STR Loophole' of accelerated depreciation to offset high W-2 wage taxes.