@Daniel E.

not sure the real estate commission will do anything with this.. but the realtors E and O would as long as they have it and you can prove they hid this from you and that they had prior knowledge .. same with seller..

I make sure mine qualifies as Schedule E income (rental income, not self-employment income).  

The way I understand it is that I will have to file a Form 1065 with the IRS and issue K-1s to my sister and I so we can both transfer that information when filing our individual taxes (I presume that information will go in our schedule E). 

I hired Alex Lozano of Winter Accountancy to do my taxes which included rental property schedule E; he specializes in Real Estate accountancy.  

@Randy E. yes that had happen with a couple of things we have done in out own home.

Also you'll have K-1 pickups on your 1040 rather than schedule E/schedule C (always a better move). 

Also do you still do the PM yourself or you e hired a company?

@Brian M Sweeney E** for rentals

@Bill Thames I am interested in getting on your e-mail list as well.