That might create a basis and at-risk issue for the other investor where he cannot deduct the losses from the partnership for tax purpose. 

That or call the President and ask for the fines to be levied ASAP.

A late fee in the amount of XXX shall be levied on the X day of the month if said rent payment has not been received in full by midnight of the day prior.

So, that $30K net income -- after deducting operating expenses -- would reflect about $1000/hour if I were to view it from an hourly perspective.

Also, 212 charged $175 for the first inspection/draw ($200 was deducted) and $375 was deducted from the second draw, so I'm going to be interrogating some people to see what's up with that.

paying you could be a deduction for your parents ( expense) but it would be income for you (taxable after $600 i think) .

If you have an LLC, fees are here : https://www.cyberdriveillinois.com/news/2017/decem....For taxes, it is possible to get a small deduction from the LLC's return via a pass through deduction but the tax law around this is complex and situation specific.

We tried changing the deductible levels but it didn't do much to the premium.  

I can't confirm how much taxes you will owe (not a CPA, you should confirm this with a CPA) but you will be able to deduct prorated portion of all expenses on the property (mortgage interest, property taxes, insurance, property management fees, repairs, etc.) and then whatever is left will be taxed. 

@Jonathan Rosado, as for "the property will go under one of our names not both", conventional wisdom suggests that it should be in the name of the person who earns the most, for tax deductibility reasons.