I looked into this as well since I'm getting terribly bent over on my w-2 taxes. 

For those of you who are starting out and want to learn more about real estate depreciation and cost segregation! Cost segregation can be a complicated topic, but I tried to make it simple and easy to understand!
Her...

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

Avoiding errors and being educated on the laws can save time, money, and potential legal challenges.

Typically starting with a smaller rehab budget of $50K or less (maybe a max of $75K) and avoiding a 1 to 1(or higher) ratio of purchase to rehab costs is recommend when you are first starting out. 

You may also avoid the seasoning requirement on a rate and term refinance. 

At that point, the clock will restart by 5 minutes after every counter bid, until the bidding stops.With mortgage foreclosures you'll want to guarantee that the property is vacant to avoid going through a messy eviction battle.  

Avoiding accessive PM fees (personally I recommend most people self-manage)These will eat away at your ROI.

@Rosalyn ScofieldI always suggest that investors and homeowners avoid home warranties.

Investors aren’t avoiding the work, they’re just focusing on higher returns and leveraging their experience.That said, even the high-level investors we work with still BRRRR single-family homes, they’ve just added larger deals into the mix.