Additionally, I've been spending a lot of time evaluating condo / HOA management solutions and accidentally stumbled on ManageCasa, which offers a free trial and < 3 unit free tier that has allowed me the time to get in, kick the tires, and really appreciate their attention to detail and broad feature set that adapts to each unique industry sector.

The LLC would own the property, and your 50/50 split can be outlined in a detailed operating agreement covering roles, responsibilities, and profit-sharing.Since lenders often require personal guarantees for LLC loans, clarify that your partner will be the sole guarantor.

For example, our design team creates detailed plans that align with market trends, and our contractors execute them with precision.

These were not specifically related to owning rental properties but the clients' assets (including any owned property) was better protected due to having umbrella coverage.  

But like you say, the devil will be in the details over time.

I will not comment as to the tax laws and underlying rules - that is a discussion you can have with your tax advisor who presumably you are paying to help you.What I will do is provide practical and business guidance on tracking time.Firstly, there are apps available that can assist with time tracking where you can specifically detail your time, who you met with, etc.

I think they just see the lower rent and run with it in that specific situation.

While some folks may not change the way they underwrite from one type of property to another, what specific property are you interested in, SF, 2-4 MF, or 5+ MF? 

@Alec DresslerYou’re on the right track using tools like AirDNA, but for better data, consider the paid version or platforms like Mashvisor for detailed rental analytics.

Let me know if you’d like help running specific numbers or refining your negotiation strategy.AI answers can be helpful sometimes, but they miss some really important concepts.