Hi Lahiru,Great question, if your wife has been considered to meet the threshold for "Material Participation" in the business, then you would be able to take these losses.

Yes, the PA's will be there handing out cards and trying to get your business as the fire is being put out. 

Choose the path that best fits your learning style and your schedule.Interactive Bootcamps - Designed to deliver a structured and organized learning experience over the course of 10 weeks.

I have come across several companies like Legal Zoom, Zen Business and many others, some which I think want to overcharged me.  

TLDR: It was a fantastic workshop that will enhance my business, but he pitches his Big Dog program that costs anywhere from $20k-$60k.

Reporting the mortgage interest on the return should be done with care, as the IRS does not have a copy of Form 1098 under your SSN (or EIN if business) reporting the interest.

To ensure you can apply the tax deductions against ordinary/active income, you have to materially participate in the STR business.

Or maybe your family business is property management ?

He wants to use the 50k to jumpstart fix and flip business 

In general though, you're able to directly offset your income from the active rental activity with the *losses* you take from the business, but once the business becomes profitable, this would also add to your taxable income.