I didn’t see your location in your profile or your post, but assume at least 17% state/federal taxes leaves you with $10k/yr. 

California does not recognize Real Estate Professional (REP) status, but you can still claim it on your federal taxes if you qualify.

Be sure to hold a hefty reserve to handle on-going maintenance, capex, taxes, and insurance.

Quote from @Zara Massoud: Your new PM is correct and the old ones were wrong.The property manager must have your social security or tax ID number on file.

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

I used to live in the city and the taxes and water bills are nightmares.

It’s definitely smart to evaluate the tax and cost implications of your funding options.

@Rebecca GonaBigger Pockets is a great place to find a tax accountant that specializes in short-term rentals. 

(As AZ and your current state will fight over who gets to tax your gains with the federal government.)I have to throw most of the shade on your horrible tax guy/cpa who didn’t tell you renting it out was a $50-$100k mistake. 

Immediately, I performed a Roth conversion, and instead of paying taxes on $50K I'm paying taxes only on $21K.