investment property tax reporting with multiple partners

[Mary Chen]

Kind of want to see if this is possible or absolutely not (I'm thinking not but just curious what others think). So my parents are doing a 1031 on their old property to buya new one. My brother and I would like to be co-owners to the new property but our contribution to the purchase of the new home is by way of investment loan, so let's say my parent's home sells for 500k and they want to go in on a $1M piece of property. We'll finance the other $500k. So it's 50/25/25. Whatever rent income/expense we receive/incur, is it split the same % as well? Is there a way where there is flexibility to the % allocation of income/expense? I didn't think so but I thought I'd ask. And are there any expenses that go on my itemized deductions?