Bonus depreciation only applies to items that are depreciated for 20 years or less. In other words, your real estate will not qualify for Bonus. The entire amount would be depreciated over 27.5 years (assuming it is Residential Real Estate in the US and not rental periods of 30 days or less).
Other assets can be depreciated with Bonus (for example, appliances, tack-down carpet, etc.).
Assuming the Single Member LLC has not made an election to be taxed as a corporation, you ignore the LLC for income tax purposes. If there is an ALLOWABLE loss, yes, it would offset your other income. However, rentals are usually "passive" and depending on your circumstances, the loss may not be allowable and would be carried forward to future years until there is a profit or the property is sold.
