I was suprised that you can depreciate a jet over 6 years, but we are prob going to sell quick due to the hours flown, maint schedule...capital loss on paper.My partner has a little experince in this area but...

Wow, I'm at a loss for words, smdh.

As soon as you close on an improved property, get an insurance policy that will protect you if there is a loss.  

So upon closing, the building may remain empty for 1-2 months while I do the repairs and put in a laundry, so these numbers are projected based on my knowledge of the rents in the area:Annual Rent Two 2 Bedroom Apts                   $ 18,600  Annual Rent for 4 Rooms                                    26,260Projected Laundry Revenues                                4,200Total Rents                                                        $ 49,060Expenses: Taxes                                                               4,088Water and Sewer                                              1,600Insurance                                                          1,600Vacancy & Credit Loss (6%)                             2,944Repair Reserve (10%)                                       4,906 Electric                                                               1,800Trash                                                                      840           Total Expense                                                      17,778            Net income                                                          31,282             Purchase Price                                                   134,250          Cap Rate                                                               23.30%          Cash on Cash Return After Mortgage                   91.17%I'm always cautious in thinking something is a slam dunk and there will be some challenges managing the rooms, but there are only 4 of them. 

The policy covers only legal liability for damages to the landlord’s property (covered losses include fire, smoke, explosion, water damage, backup or overflow of sewer, drain or sump, falling objects, riot, or civil commotion) up to $100,000.So when that tenants overflows the tub and nukes 3 bathrooms below it with water damage, that get's covered under their Tenant Liability Insurance to repair said damages.

I own a property that showed a small loss for this tax year.The reason for this loss was due to depreciation.My question is how or what do i do with the money that is in the bank which represents the depreciation amount.Can I distribute it to the members (3 of us) .Any rules I need to follow .Is it considered a distribution or a return of capital or neither.

That way the loss of one large employer in a town won't mess up your investment.

Here’s what you should know on Schedule E:Depreciation (Line 18) – can be added BACKCasualty Loss/Amortization/One-Time Expenses/HOA Dues (line 19) – can be added BACKInsurance (line 9) – Added BackMortgage Interest (Line 12) – Added BackTaxes (Line 16) – Added BackAnd this is why owning property is such a great method of building wealth.

You need to feed elderly people meals with specific diets 3 times every day.

@Adam Williams, The gross numbers don't show up in your post but when you talk about 30% appreciation coupled with a current operating loss I'm guessing you're sitting on quite a bit of under utilized capital.