The renovations should actually cause a loss in my rental business.  

No or very little appreciation.Only exit strategy is selling to another investor (often at a loss) after transaction costs.

I am trying to wrap my head around different scenarios of how this factor changes due to China's economic slowdown.The loss of wealth mean that less Chinese buyers will have the funds available.  

If it's any faster than that, they are loaning you money in the interim - which is fine but it usually has a max transfer limit, or there is a lengthy pre-approval process where you turn in previous tax returns, proof of business, profit/loss statements, etc.

Do what it takes to keep the heat at a reasonable temperature, to mitigate your losses.

Our 14 year old NG generator has been a life saver with the longest loss of power being 5 days in the middle of winter.I also notice a lot of installed units simply pump the water out against the building so the pump is constantly running as that water seeps back into sump tank burning out the cheaper motors prematurely.

No blinds, no shades, no hurricane panels, no burglar cage...All this for $50 at The Home Depot for this fancy multifunctional window.

Renter's insurance covers loss of use.

The tax implications here at big, as you ultimately flow the profits (and losses) from each entity straight to your personal tax return with an LLC.

I do believe i am operating under mostly losses for those years, but .. i need to file and get myself right.