Yes, you will have to file the partnership tax return.

Rentals generate passive income, so an S-Corp offers no added tax benefit.

Use umbrella insurance as an additional safeguard, especially if you opt not to form an LLC.Avoid S-Corp taxation for rentals, as rental income is passive and not subject to self-employment tax. S

If so, there are no transfer taxes due. 

I've found many properties with title issues wind up with unpaid property taxes so checking on delinquent taxes, tax deed sales and lands available for taxes might help you identify some.

Hi Kin,Transferring your share of the property to your brother may have tax implications, including gift tax if the transfer is considered a gift.

Joint tax return?  

@Andrew Slezak Opportunity Zone (OZ) investing allows you to defer capital gains taxes (e.g., from crypto) by reinvesting the gains into a Qualified Opportunity Fund (QOF) within 180 days.

Quote from @Zara Massoud: Your new PM is correct and the old ones were wrong.The property manager must have your social security or tax ID number on file.

And must be pretty significant unreported income if it would have caused $45k in state tax liability.You advised your client to wait past the expiration of state statute.