The rental side is reported on Schedule E, where you can deduct all the expenses tied to that unit.

@Anna E.

A good starting point would be a usable chart of accounts (right out of the box) that closely follows the IRS's schedule E.

E.

Hence, the usage of the term "loophole"...the gap between the original intent of the law and how it's used today.

Even if your MAGI is above $150K and you can’t use a passive loss on Schedule E, the loss isn’t gone.

Quote from @Steven Vargas: Quote from @Robert E Bogino: This is my main model. 

They should be able to send in format that easily corresponds to Schedule E of your tax return.For our clients (we're a PMC), we send them a 1099 and Annual Owner Statement which they can just hand to their tax professional.

Fees to join your local board, MLS(S) so that you have access to listings, key access, E & O insurance, and there could be more depending on your local requirements. 

For purposes of paragraph (e)(3)(ii)(B) of this section, personal services include only services performed by individuals, and do not include excluded services (within the meaning of paragraph (e)(3)(iv)(B) of this section).