investment structure and management company tax

[Marcel Itzik]

I have 3 properties with my family in Brooklyn.

In one building we have 2 apartments, we live in them. In the other 2 properties we have 6 apartments in total. All three properties were bought on my uncle's name, as he has good income. The deeds for all properties are on both of our names.

I do 100% for all the properties, everything beginning to end meaning: finding the property, fixing it, renting and managing.

Up until now we paid 50/50 for everything investment wise ( I don't think its fair). He paid me few thousands for each deal....

Now after seven years it's starting to be an unequal partnership. We need to restructure our investments. First I would like to start taking percentage as I am the management company. He feels like I should not. I did some research and it seems like I should get 10% as the management company. Because we are family I don't mind it to be 7%.

The first question is...

1. Can I do it and claim it on my taxes?

Let's say I open a company and our buildings pay out to my management company?

2. Any suggestions on how to structure our future investments (we want to continue to buy properties)? My uncle has the cash to invest (I currently have no cash) and we can take loans under his name. I on the other hand find the properties, manage them, and rent them out.

I would appreciate any feedback or advice.

[Marcel Itzik]

@Ryan Seib Thanks for the answer. As for the new investment I was thinking to brake it down like this: lets say we are buying a property for 1 million. My partner puts 25% down plus maybe 100k for fixing if needed. I do everything as before... I get 20%-25% ownership in the building with the option buying the other 30% in the future from him.  For day to day I get 7% for management fee. Sounds fair?

As for the taxes for our properties right now: we own them 50/50 all private mortgage, tenant in common. Can i take a salary if I am also the owner?

Thanks