You will still take 100% of the depreciation deduction allowable on your rentals, but if that deduction causes you to have a passive loss, that loss will become suspended and not currently utilized due to your income level.

It's a large single family house, 5 bedrooms, 2 full baths, kitchen on main level and in basement. 

It's a large single family house, 5 bedrooms, 2 full baths, kitchen on main level and in basement.

I assume you might be able to get by with just registering the LLC as a foreign entity depending on the volume of work you do and the level of risk.

Depends on your comfort level.

It is a fast way to figure out at a high level if a property is work pursuing. 

I have been investing in NYC, Brooklyn, specifically, for 21 years.If I had EXACTLY that same thought, about selling my property and moving to a lower cost of living place, I doubt I would have achieved the same level of wealth that I have now.As an example, in the year 2000, I bought a 2 Family home for $140k with $21k down, $7k closing costs.

@Michael Hudelson There are a lot of different ways you can get started in the business, all of which require a different level of your involvement.

Again, others might feel differently here.3) property level due diligence: (takes seconds to weeks per deal): here is where I drill in with the low-level details.a) pro forma popping: I examine all the assumptions, and see if they are overoptimistic or not.

That will increase your W-2 wage, but you also get a deduction at a personal level.