The turn key property is on a tiny island in the Chesapeake Bay in Maryland called Smith Island.

I used half the HELOC ($160K) as a down payment on a 12-unit property, making my dad a 35% owner since we used his funds.

It was a wild time for subject to transactions while interest rates were increasing, property values were increasing, and lenders were stuck and could not call loans due when a property was sold or transferred.

Of course, I had to make additional assumptions about the cost of property taxes, insurance etc. 

You may also consider the power of a site like prop stream where you can see who owns a property and which other properties they are linked to. 

Generally - the depreciation on the structure, mortgage interest, property taxes, repairs & maintenance, insurance, property manager, utilities, vehicle expenses (mileage), professional fees (reports/CPA), home office (office supplies, percentage of utilities, continuing education).

@Angela Simon, If it wasn't your son there is a small chance that your accountant would let you purchase the 50% of the property you don't own. 

This then would allow you to look at a property 1500sf 3/2 with the same rehab as a property in the same condition that you got a bid for 1-4 weeks ago..

I’m brand new to real estate investing but have always been interested in buying, flipping, and owning rental properties.

Great question, Yes I plan to buy and hold any BRRRR's or large multifamily, commercial properties that cashflow well!