Buying into a family members property correctly

[Joseph Triana]

I am looking to buy into a family members property and be 50/50 partners after paying them half of their current equity in the property. We will be converting it from a homestead to a rental and was to do it correctly. We understand we need a lawyer to create a warranty deed but we have some confusion on how to handle to tax portion. We both want to gain tax benefits so am wondering what I need to do to show the IRS that I am no 50% owner in order to write off expenses, depreciation benefits, etc.