I sold Property #1 with capital losses (Class C Midwest property with no capital gains).

On the other hand, you could rent a low-end Air BnB with huge profit potential, huge loss potential and requires tons of hands-on effort.You need to figure out where in that spectrum you want to be.There is a lot of great information on the internet, and obviously there's a lot of junk. 

Normally, Real Estate is considered a Passive Loss when it comes to depreciation of the building, and any other expense.

Rental activities are generally considered passive income, which means that if you are in a high-income tax bracket, you typically cannot use rental losses to offset active income — those losses would instead be suspended.

My question is this: Any one have insights for moving all properties into LLC and just pay pass thru taxes on the profit / loss ? 

If average stays are under seven days and you materially participate, losses from that unit including depreciation can offset W2 income.

Yeah, numbers don't matter if the sponsor can walk away whole while LPs take the loss. 

That transfer of credibility led to hundreds of investors buying and some suffering incredible losses. 

I believe Airbnb has coverage for revenue loss, so if tenants stop paying Airbnb should cover the loss (have to check that with Airbnb).

As a result, investors are stuck with the option of spend far more than expected to make the property rent-ready and being "all in" at 2x what they though or facing the alternative of selling at a massive loss.