Yes, you will have to file the partnership tax return.

Your problem will be them incurring capital gains taxes simply so you can get a commission.

@Emily Gowen so as you pointed out you would not have to do a 1031 exchange on your current home to avoid the capital gains tax and coupled with what Dave Foster pointed out I think, speaking from experience you would have a high likelihood of success. 

.: What is the average conversion rate for cold calling using software like PropStream, specifically targeting probate, foreclosure, or tax delinquency leads?

Maintain - includes taxes and insurance?

High taxes.

How much money, after expenses and taxes would he property make yearly?

I've been using the GE  GFW148SSMWW // GFT14ESSMWW models which comes to $1,650+ tax for units and stacking kit. 

Check with your municipality about how property taxes will change when you buy the place.

There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.