I'm sure some will disagree, but I've been there, done that for 24 years. 

Any concerns with the tenants disagreeing, funding their own handyman saying everything is fine, and the it becomes a pissing contest?

However, I get what you're trying to do in order to be able to just print off a balance sheet to show your Net Worth.I do disagree with your CPA about putting in an offsetting liability as this still will not get you what you're looking for.Instead, I would create a separate asset called "After Purchase Appreciation of Asset" and debit that for the increased value.I would then create an Other Expense (Not an Operating Expense) and I would call it "Non - Taxable/Non Deductible Transactions". 

I would leave it to the expert here in BP if they agree or disagree with me. :)

Hard to squeeze it into the title, but everyone says you gotta keep mailing, at least 6 times. Every DM deal I've done has been in the 1st - 3rd mailing. And about 80% of those have been the very first mailer. My call...

@Doug McVinuaI disagree.

I disagree that the 1065 would be the more complicated route.Relying on each owner to report, accurately, their share of rental activity on Schedule E, plus issuing 1098s to the parties not named in the mortgage would be more complicated and more prone to error, especially if it's being undertaken in a DIY manner..I concede a 1065 would be more expensive than DIY tenants in common, however it frees up the owners to pursue higher value activities and provides them greater assurance everything is being done as accurately as possible.If we want to say error is being mitigated by a tax pro doing the returns of the owners in a TIC situation, sure we can say and all agree to that, but IMO the compliance fees for a pro in this situation for all individuals would be higher than that of just engaging a pro for one 1065.

Not trying to disagree or disrespect anyone, when I say I have seen the whole “my wife is my business partner” thing fail so many times.

I really disagree that they are a BS scam.

So I respectfully disagree with your statement telling me what my operating assumptions are.