-One of the cheaper options I have found is TaxAct Business ($140 + states), and TurboTax Small Business ($739 + states).The issue I am potentially running into, and I am not sure if the online software's mentioned above can handle (they won't tell me unless I pay for advice), is figuring out how to make sure the losses/initial capital contributions are reflected on my K-1 and not my business partner, since I made 100% of the contribution.

If there are excess losses, Citizens can surcharge all policyholders to help pay for the claims.If you have a long term rental, it is a viable and affordable option, but it should never be construed as the best option. 

I do fortunately have room to absorb that loss, but with increased taxes, insurance, and maintenance/repairs starting to get reeeeally thin on the margins 😬

The primary reason is because the property is vacant and a number of independent contractors are in and out of the property thus increasing the chance of a claim or loss.

If you have a partnership structure or some other facts and circumstances around the loan that indicate you are extending it in the capacity of a trade or business, it will be considered ordinary income.Keep in mind that the tax rates will not differ between ordinary and passive income unless you sell the loan for a gain/loss.

They can recover the excess funds later.  

Shouldn’t take me much time and I’m thinking this will also help look at the combined accumulated losses and assist financial planning.If you don’t mind me asking, do you have specific tools you use for finding deals?

With a 4-plex, losing one tenant is only a 25% loss of income versus a 50% loss in a duplex.That said, a duplex might be easier to manage, especially if you're new to investing or will be away for long stretches of time.

REPS stands for Real Estate Professional Status—a tax designation that lets real estate investors write off rental losses (like depreciation and expenses) against other income, potentially saving a lot on taxes.

Flipping always seemed more risky and STR is riskier as well though it can be more profitable it can lead to serious losses.