The IRS perceives the LLC as the tax payer for the property.  

The tax payers will pay my debt of 500 grand as I am limiting my scope of work to only the public sector.

Originally posted by @Jay Hinrichs:Originally posted by @Greg O'Brien:@Jay Hinrichs sorry REP is Real Estate Professional (the tax definiton of one).If a taxpayer is a LP and does not meet REP nor Materially Participate under IRC 469, your excess losses would become suspended but ultimately utilized and released upon sale of the activity or from offsetting passive income from passive activities.however if he/she does meet the definition of REP  then they can participate in the cost seg bonus deprecation correct ? 

As for audits, the IRS may scrutinize high-income taxpayers claiming REPS, so detailed time logs and supporting documentation for material participation are crucial.

The fact the taxpayer even has a w2 can cause an audit and one they tax payer will likely loose.

Oh BTW, I live in the city and I have friends and family that live in the city and we are tax paying, law abiding citizens of Baltimore City and I wouldn't categorize us at ZOO ANIMALS.  

No credit check or rent required (except from the US taxpayer).

It's very easy to book a quick flight to Mexico at the taxpayer's expense and go and check on what's going on the ground.

There are some real slum lords out there, and they are doing a good service by renting to a terrible class of tenants that taxpayers might otherwise have to support

For example, in NY, default searches include county & municipal - open permits, Cert of Occupancy, outstanding tax payments and any tax related liens.