Don't forget about loss of income/rent...that being said this is a very broad question and I'm not certain if you think you have too much coverage or it costs too much or both...

My wife and I are looking to diversity our investment and getting some passive income.

We aren't necessarily concerned about a monthly profit on our first 10 or so as we are thinking these would be held for at least 10 years.So, a question we have about 2 houses - House # 1-smaller,good area new roof, new window, no basement, no garage, monthly income $140, $6000 left in debt to heloc..........House #2 - larger 4 bed, 2 bath, forclosure, estimated rehab 40k, estimated monthly income zero, zero debt to heloc........ higher value home.  

It connects my airbnb and VRBO calendars, offers automated messaging, smart lock integration, cleaning calendar/reminders, and offers pretty good income reports.

f you're in a good spot with your rental income and keeping a reliable tenant is more important to you, dropping the rent to $2200 might be worth it.

Another way to look at it also is if you have a rental and you can increase rent by $100 and sell it in a year for a certain value, are you better off selling it today at another value or holding it for another year and collecting income?

The question you should be asking is1) What type of liability exposure would I be generating and will an LLC or Corp be suited for that.If you don't plan to own the property, I can't anticipate a piece of paper causing much liability, if any at all.2) What type of income would the tax liens be generating and would an LLC or corp minimize the taxes.

Bought it furnished to rent out as an airbnb to utilize STR loophole to offset W2 income (husband and I are high-income earners).

I am self employed and run a trucking company so I write off my income to pay as little tax as possible.

If they don't have documented income or so, you're out of luck.