To partnership, LLC or Sole Proprietor-Tax Questions

[Mark Gruetzmacher]

Hello everyone, I have another question to run by you.  I am trying to figure out which is the best way to structure this deal and how to do it for tax purposes as well.

I am closing on property on Tuesday.  My father purchased the property cash.  The property is in my name. But the property is to be both for myself and my sister.  It will be a Buy and Hold investment.  At this point I will most likely get 55% (10% for PM) and my sister 45% of the profit since she lives on the other side of the state.  Or would consider input on the % split. I am trying to figure out which is the best way to structure the whole thing.  My sister will most likely do absolutely nothing besides collect her share of the rents and her share when it sold way down the road.  If it needs repaired then I will most likely do the repairs but I need to be compensated for that, but how?

So I am wondering which is the best way to structure the whole thing.  What forms are needed for tax purposes.  I don't really plan to partner with any others down the road either if that makes any difference.  

Appropriate all your responses