Best to talk the tax issue over with a CPA but the loss will be reflected in the K-1's and can offset gains in other deals, provided they both flow through to the same entity (or you personally).

You definitely want to get with a competent tax advisor for personalized advice.

(Our personal State Farm Agent recommended them and so far its worked out well) We are in Indiana. 

I will say, in my personal opinion, flips are much more risky.

Nothing is different with Airbnb other than those hosting avail privately owned real estate for commercial purposes and only here its at the hosts’ personal expense to acquire the license and pay the tax.

Does it matter if I keep the rents in my personal accounts?

I am old school I would never personally do that..

I would still take a look in person since Detroit is block by block.

I have personally been involved in house hacking and furnished rentals for over five years, and it's been fascinating to see the quality of mid-term tenants we've had over the years.However, it's worth noting that in our area, the demand for short-term rentals on platforms like Airbnb and VRBO has declined in the past 24 months.

I know there does not seem to be a strong presence on BP for people in the New River Valley area (Pulaski, Radford, Blacksburg, Roanoke) but I would like to try and get some type of networking event going (either in person or in an online group).