How to reduce the maximum amount of income tax for a wealthy individual.

[Josh Dickson]

Hello all,

I've been flirting with real estate for a long time but due to my low earning potential, thus far I have never felt comfortable taking on the risk. My brother, however; is a lawyer and earns around 700k a year. We have both always been interested in forming some partnership in which I do the leg-work and he provides the finances. I have some ideas about how to do this so we both get the most benefit, but there's one part of this that I want to get some input on. 

Here's the question. If you were partnered with someone making 700k, what strategy would you use to reduce their income tax to the max? I personally am interested in creating a long-term rental portfolio but I'd be interested in hearing any strategy, ie. house flipping, short term rentals etc. How I benefit from the partnership doesn't really matter for this discussion. I'll figure that out after I pick a strategy. Thanks you all for your time!

[Basit Siddiqi]

Being able to use real estate to offset taxable income requires some sort of participation on his end.

If he wants you to be the boots on the ground, it will likely be hard for him to reduce his taxable income.