Batten down the hatches on your DMs because that ship will sink within one day of mentioning Columbus on here.

., some of which you mention, so it seems you must be aware of them.As an investor, your goal is typically  to maximize your return and minimize your risk.  

The local insight you mentioned can be a real advantage.

What scared in the article is the mentions of personal financial risks, LLCs not really protecting your personal assets, the amount of investors filing bankruptcy , social threats, scams, etc.Is this article over blowing these facts, trying to sell REIT ?

I should also mention that this property is a microloft (<300 sq ft) so fits just a single individual.

Not to mention he is very handy so will likely handle most small repairs himself.

Each day like I mentioned is $5.  

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!

Jason they have been mentioned here in this forumhttps://kkoslawyers.com/services/#business-entity-section

Therefore, you could say something like "taxes aren't based on your cash flow," but if I were making such as statement, it would be more like "taxes aren't DIRECTLY based on your cash flow" because that better captures the spirit.You have multiple sets of numbers: 1) [actual] cash flow, 2) net income, and since you mentioned running numbers 3) pro forma numbers (i.e., projected/estimated cash flow).