Stop hanging out with your deadbeat buddies that spend all day drinking, talking sports, and otherwise wasting away.

The issues remain that SOME, not all, people who promote investments in real estate, events, sports picks, etc. are liars.

If it is on one tax lot, it would be recorded as one property on your schedule E.

Stop hanging out with your deadbeat buddies that spend all day drinking, talking sports, and otherwise wasting away.

@Jonathan Orr if you get a chance, watch the NFL draft this Thursday-Saturday, not for the sports part of it, but to monitor the thoughts about Detroit from the visiting media.Us Detroiters are expecting a LOT of positive feedback on how the city has improved in the last 10 years.PM us if you'd like to chat:)

You’re likely going to be on the hook for S/E income on it once be depreciation and losses have been exhausted, so, just be cognizant of the overall picture!

Unless you're filing the tax returns yourself (not possible to e-file a partnership return if not a preparer), then the cost is usually a large barrier for a lot of people as they're starting out.

Stop hanging out with your deadbeat buddies that spend all day drinking, talking sports, and otherwise wasting away.

However, currently here in CA, PG&E is getting extremely expensive, that is why do not include electric/gas in their rent.  

To keep the home loan people from getting confused, you will want to NOT report the rental income/expenses on your personal tax returns Schedule E, instead have the LLC do an S-Corp election, and report the income/expenses there (after confirming the truthiness of all this with your tax professional, of course).