How much experience do you have with Partnership tax returns?

When your tax professional prepares your 990t they will utilize the Cost Seg to minimize the UDFI tax. 

Hotel taxes are 6% in the state of Texas and 11% in the city of Austin2.

For residential mortgage, an LLC needs two years of its own tax returns or occasionally, a local credit union where you have an account will ok it.The bigger question is about your partnership.

Use the purchase of rental property to offset taxes, not for cash flow.

Why not go buy a new one and not mess with the potential tax issues for you and transfers etc? 

One false move on your part could jeopardize your entire claim and expose you to potential liability.

My question is - is it more advantageous to have me own the business entirely so that I can capitalize on the tax deductions & tax refunds so that I can in turn contribute more capital to purchase future properties together?  

However, these are the ones most commonly used:Five-of-Ten-Year Test: You must have materially participated in the activity for any five of the past ten years.500-Hour Test: You must have materially participated in the activity or activities for 500 hours in the current tax year.Step 3: Calculation your participation hoursEnsure you are tracking your participation hours.

I think my neigbor did it a few years back but not sure if he is claiming it as Owner occupied and just rents it out?