Congrats, curious to hear more, but did schedule a call with them for tomorrow.

You won't meet anyone.

To qualify, you must meet material participation rules (100+ hours and more than anyone else) so that rental losses can offset active income.

I can accept a lower return but meeting some time commitments and returm commitments is paramount.

Not certain if similar in your market, but in our market the payments often take around 90 days to start coming in (they'll get caught up on what is owed) so if not already aware of the payment schedule it may be worth looking at in case you aren't prepared to carry the mortgage for a few months past your vacancy period. 

@Jonathan Small For Partner 1 ($72K W-2 income, 2 rentals in an LLC), hiring a CPA is advisable due to the complexities of managing rental property deductions, depreciation schedules, and LLC compliance.

We are first time investors in such an entity and the property that is leased is a new construction that is scheduled to be handed over to us by July or August of this year. 

Fast forward to a year later the wife’s business had collapsed and they moved out as scheduled.

Quote from @Gregory Wilson: A few things there, Brendan.First, an LLC with you as a member and your (wife, son, pal, etc.) partner as a 1% member will file a Form 1065 which is about one tenth as likely to be audited by the IRS as a Form 1040 with a Schedule E rental activity (which I presume you will attempt to show is an active business).Second, you want an LLC because when your local Alabama handyman drives his girlfriend's uninsured truck into a van load of U of A medical school interns on I-22 when he goes  to get some shingles for your roof, on your business, you don't lose everything you have or ever will have to an uninsured claim. 

You’ll each get a Schedule K-1 showing your share of the income.- You both report your share on your personal tax returns and pay taxes based on your own tax rates.3.