It depends on the type of loan, loan to value, fico, income, debt, and experience. 

I wasn’t sure what I need to do to be able to take my 1099 income and right it off with my long and mid term rentals?

But still should not be a problem since contributions into and distributions out of an LLC are generally not a taxable event.

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with zero or negative relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560, little to no good tradelines, lots of collections & chargeoffs, recent evictions.

This way, you can have passive income coming in from multiple properties regardless of where you are living at the time.Ultimately, the best strategy for you will depend on your long-term goals, risk tolerance, and level of involvement you want in managing the properties.

I only received verbal information on annual income and credit score of the tenant.

Rates vary for commercial loans, your amortization might also be different - it depends on the bank though, but the appraisal and value of the building depends mostly on the operating income rather than comps.

We were, but he missed 2 things, my wife’s income and the taxes I paid.

I love income properties so my first inclination is to keep it.

@Ammon JensenFor this purpose I do not believe you can write this off, add on that you are paying ordinary income on the 10-12% which let’s say is 20% and after servicing you may actually be losing money every month.