However, once you file your taxes, the IRS will figure it out and you're screwed!

:(If they are unethical, you can file a complaint with the Florida Real Estate Commission: https://www2.myfloridalicense.com/real-estate-commission/complaints/

If anyone files for Florida it is 10 times more confusing than Tennessee. 

I know this because they filed an affidavit which clouded the title on a land contract that I purchased from them.   

Once approved the send to QC and the file is sent to closing. 

Without going into too much detail, my current situation stems from selling a previous company via partial owner financing, only for the new owner to default on the purchase, leaving me in this position.For traditional financing, I understand I’ll need at least one, if not two, years of solid credit history, tax filings, and other financial documentation.

I’ve got 31 units, and have been filing my taxes on all income from the rentals since I started investing 5 years ago.

If you go with the partnership route1) You need to manage the money going in and out of the business bank account.2) File a partnership return and be responsible for issuing K-1's3) make distributions to you and your partner for cash flow that you receiveYou will likely spend many hours on a nice gesture.I may want to consider instead to give a christmas gift or a bonus for early completion of projects.

As long as you're filing jointly, both meeting the 2 yr use test, and either meeting the ownership test, then the full $500k can be claimed. 

My experience so far has made me regret my decision for TrueBooks to file my return.