Real Estate Partners

[Stephanie Soltero]

Not sure if I put this in the right category. 

Earlier this year my parents helped me in purchasing duplex. Their name is not on the mortgage but we split the profits. Now I'm not quite sure how the taxes work but is it possible for them to reap the tax benefits as well? Who should I talk to about this to ensure we're both seeing the benefits?

Another question is how have you all structured deals with partners? I'm planning on having another individual on the loan to qualify for an investment loan as I do not currently have the large DP needed. This is specifically for rental properties. I'm curious as how to handle things such as who does the marketing, tenant screening, late night maintenance calls, showings, lease signings, having the last word on whether or not something should be done (like spending money on a contractor instead of doing it ourselves), etc. Would you recommend one partner provides more cash and the other partner is responsible for the previously mentioned duties? How do taxes work here?