It takes a lot of good deals to make up the loss of one really bad one.

For tax purposes the LLC's income or loss flows directly to you so whether you take the money out or leave it in the LLC you pay the tax personally.  

If I were to buy a rental property that rents out for $500 less than expenses (mortgage, repairs etc) each month, will this loss lower the taxable income from my job? 

This is for sure a tax related question - but from what I understand about it is that because it is already tax deferred , that you cannot take deductions for losses from it.  

Sometimes it's best to cut your losses and find ways to either do it better next time or make up those losses as you're moving along in the deal.

If I receive rent for February in March, it's going to show up in March's profit and loss statement.

Ideally, you should get added to the title and insurance, since your money is going to the rehab, and you need to be secured in the event of a loss.

I have just arrived in the San Antonio area and will be staying the month.I'm buying beer / whiskey for any investors, contractors, lenders, and any other real estate (or alcohol) enthusiast, who wants to sit down and chat San Antonio, Lubbock, Austin, and even Dallas DFW real estate.I'm here for work conferences but I also plan on learning a lot of RE, and trying a ton of great food and drink.Look forward to meeting you.

If the comps are really $15k or more less than your purchase price, you'd take a big loss on the sale because you wouldn't have paid down much of the loan by that point.

@Chris Schuler and @Ethan Atkinson, the Falcon's loss was brutal...I couldn't watch sports center for a couple of weeks after the game.