Good luck with your situation. 

We work with a company that we can communicate with to red flag situations like this now. 

Since I'm not a lawyer, there might be a specific reason, depending on your situation, why that might be useful.On the other hand, I've seen crazy large structures for small portfolios, and there are many attorneys willing to charge you for the help of setting them up. 

To give better advice, we would need to know what your overall goals and situation are. 

Over three decades, I've not seen a ton of situations where no money down/100% leverage has worked well. 

Would love to hear from others in similar situations or with more experience.

Form 3115 allows you to restore the fairness in this situation and "catch up" with the remaining $30k of depreciation that you failed to take in the years past.

Ideally, meeting with clients at least once to twice a year if their situation warrants it, especially if they have real estate professional or STR loophole. 

Use the partner to scale, not the refi, split the cash flow according to shares dictate in your operating agreement.There's multiple ways you can approach your situation; I just wanted to provide some fresh eyes from the outside looking in!

I am interested to hear what the other pros have to say about your situation and how they would recommend approaches this.