Even with the property value correction recently, you are correct it is still very hard to cash flow in Austin without creative strategies such as Short Term Rentals etc. 

I don't care about someone's color, religion, sexual proclivities, their stance on green energy, political affiliation, etc.I want people that pay rent on time, take care of the property, and communicate when needed.

It looks like the market is trying to correct and weed out all the speculators.

Generally speaking, it’s most cost effective to acquire the real estate in the correct deed holder entity on day one as it becomes costly to transfer property.

Hi Joe,Let me correct what may be some misconceptions. 

So correct me if I am wrong, the reason being that you cannot reconcile bank accounts, credit cards, cannot epay or print checks, track loans, fixed assets, view a Balance Sheet and more.Saying that in QuickBooks you can create automated invoices.

Everything Ken said plus plaster walls, no insulation, higher electric bills, walls sweating when its humid in florida and the resident leaves front door open, damp smelly houses, Pealing paint, wood rot, old windows, crawl space under the home, bdrm and closet doors that don't close properly, electric locks that the old front door doesn't like as the door is not aligned correctly, Cyrstal knobs that fall off, old thermostats with 2 lines but my new thermostat needs 3 lines, critters in the fireplace....

How can I calculate any tax amount correctly or next to correctly? 

What is the correct legal way to go about this?

You are correct, business partner, not life partner haha.