You are limited to 25K deductions as passive losses if not in the business.

I would suggest you include an allowance for vacancy and credit loss.

You can't expect the Contractor to take a loss and you should be reasonable and pay him for the items that were necessary and not covered in the original contract.

What you would like to get or what you need to get to avoid a loss is absolutely irrelevant.

Then you'll have to dump the properties probably at a net loss.

With a recent job loss it become very clear that I needed to become engaged in an area that I always felt drawn to.

My wife and I are buying a home that will be an investment home which will not be in the partnership that we have with her mother, but the mortgage company is asking for the full partnership profits and losses rather than just our K1s that we supplied.

The upside for the agent or tradesperson is far higher than the loss of a minute here and there.

It's his loss

2nd, if you bought (before the burst) in 2005 for $150k (and still owe $140k), unless you're in an unusual area that has not been hammered by the economy, you're probably upside down and can't sell for what you owe.3rd, with no skin in the game, as you say, you soon will, with your unpaid time to maintain and manage, and the negative cash flow.Do you (and I know this is reaching), have any significant other income that you can shelter with the tax loss on this property?