It really is dependent on the individual investor's situation. 

Readers should seek professional advice.

Has anyone here partnered with investor-friendly communities or individuals to help get that first property under their belt?

Hi there!
After the purchase of your first home as a real estate investor, what strategies did you consider and pursue for your next play?
Earlier this spring, my wife & I purchased our primary residence on the ...

As Stuart said, the individual property LLCs will be subject to their state law and will run through their state court. 

The AI algorithm led me to this rabbit hole and now I am stuck in analysis paralysis.  I am moving out of the state and I need to decide on what to do with the home.  Initially I was just going to move/trash everythin...

Also, I’d like to shout out @Joshua Dorkin, @Brandon Turner, @David Greene, @Dave Meyer, @J Scott, @Brian Burke, @Jon Holdman, @Darren Sager, @Natalie Kolodij, @Bruce Woodruff, @JD Martin, @Dawn Brenengen@Dawn Brenengen@Dmitriy Fomichenko@Dmitriy Fomichenko@Dmitriy FomichenkoEach of you have brought value to countless people via the hundreds of thousands of individual posts made by just this group of tagged contributors + the content in other forms that reached tens or hundreds of millions.

Now, regarding your question: if both of you materially participate, and you both qualify individually, each of you could potentially deduct your share of the losses against your own active income, assuming you're filing separately and own the property 50/50.

Quote from @Rosemarie Smith: Hello Everyone, I'm seeking a servicing company that can assist for a seller finance deal in Maryland.

Hello everyone,
My fiancé, our three kids, and I are preparing to relocate from Connecticut to Georgia in a couple of months. We'll be staying temporarily — and rent-free — with a family friend who was recently widow...