If I am filing jointly with my wife and she manages the STR (and passes materially participate test), can we still benefit from this?

The purpose was for us to fix up the property and to flip it.Ownership Structure: My aunt and I are joint tenants, each holding a 50/50 ownership stake in the property.

BiggerPockets groups —lots of solid resources and a supportive community here or at local REI meetups; you'll find folks willing to share tips (and maybe even some potential partners).Here are some other strategies that could also help you scale faster:Partnerships/Joint Ventures: Teaming up with others, especially experienced investors or people with capital but limited time.

You basically have 2 options:1) Join a mentorship program, buy a note, and do everything on your own based on the knowledge you get2) Some companies joint venture with newbies so you learn while studying what the experienced partner is doing.

These are some options that I am considering. 1) Getting an LLC and a Joint Venture agreement to partner with a long time friend of mine but somehow separate our business from our individual marriages?

As long as one person is a real estate professional, you can usually use rental losses offset joint income.

The wall will raise the ceiling in the winter and crack it at the top of the wall in the bedroom, but you can't see that crack at the high side of the floor because the separation is on the back side of the wall / ceiling joint.

Only one bank account needed, but you'd have to track income & expenses to do transfer and year-end accounting.As @Nathan Gesner mentioned, not really worth it.You two could also open a joint bank account for collecting rent and pay expenses, just be sure to track everything.Do NOT do what @Paul De Luca stated about transferring title!

That is why value creation and upward increase of rents is important.This is why I do not like Dollar Generals. 15 year flat rent and an inferior building in junk locations.

I am remaining diligent with this project because I am rusted around the joints.