Their loss I suppose, on track to do close to $2mil gross with Airbnb in 2019.

When we filed out annual K-1s, I would get a lesser tax write-off than the other partners because I couldn't claim the 'loss' for the unit I lived in - you can't 'pay yourself' rent.

If it is a job loss, that could be a problem.

When you do loose one it's a bit costly as most jurisdictions award double or triple damages but a loss is rare.

PGI--potential gross income- VCL--vacancy and collection losses+OI--other income (internet, etc)= EGI--effective gross income-OE---operating expenses such as taxes, insurance, etc (does not include debt service=NOI--net operating incomeAfter NOI subtract debt service (interest not principal) and then you have BTCF..before taxes cash flow

@Scott Nguyen I just had a client ask me this yesterday so I'll share what I told him...If you had to personally guarantee the mortgage on the property, which most investors do for their first few deals, you have personal risk of loss with the property and the LLC won't insulate you.

Has your insurance carrier already decided that it is a covered loss? 

There's no way you can recover $3000 from tenants on disability.

But if you are incurring expenses to wind off the remainfjng jobs, you should report it even if there is a loss.

One thing I would like to note: I have taken the abusers to court for non-payment of rent, and chances to recover those rents are slim to none.