K1s show your share of income or losses from the partnership, and you include it on your respective personal tax returns.Now, to your partners.

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.

Rental gives $500 monthly income from $2,000 rent.

Quote from @Olga Daisel: @Randall AlanI agree with Randall on getting more details, $7K gross a unit btw is a great gross income.

Setting rent significantly above FMV could be seen as an attempt to shift income or inflate deductions, leading to potential penalties.

Financial freedom isn't simply about replacing your current income, because inflation continuously drives up prices, making a fixed income insufficient to maintain your standard of living.

It’s been bumpy with positive income. lots of expenses,  220 w batteryinstalled, utilities , gardener,  Water heater etc and cohost is eating up positive.

Quote from @Diyan Yap: Have you thought about AirBnB, they can visit/stay with you while they rent it and earn income. 

I've never heard of a lender that wouldn't count Section 8 payments as income.

To go a bit further into what Dmitriy mentioned, since your IRA earns the income the tax treatment is specific to your IRA.