You should be consulting with your CPA ot tax preparer to account for the specifics of your individual tax situation. 

Even if it's the biggest unit, you need to move into that one to satisfy the mortgage if it's liveable and then figure out how to get the tenants out.Who was your agent on this because they have not prepared you for anything? 

Respectfully,Zach Hi Zach, you could do this through a joint venture agreement, which is basically a contract.

They did also send me a 1099 at end of year, so be prepared to pay taxes on that money if they do it like that.  

How are you handling them, and what tips would you share with others considering a similar venture?

Be prepared with solid financial projections to present to lenders.9.

Key is talk with your tax preparer.  

This streamlined process can save time and reduce the likelihood of errors.QuickBooks is designed to simplify tax preparation and filing, allowing you to focus on running your business.

However, you may be able to capitalize some of these costs, particularly if they relate to improvements or preparation of the property for rental.Expenses (after December 1, 2023):Any expenses incurred starting from when the property was available for rent (December 1, 2023) can be deducted.

Partnerships or joint ventures are also effective for splitting equity and risk, while lease options can allow investors to control a property before finalizing the purchase.