It makes sense to me but I foresee that to be a contentious point, even more if they end up not getting the rental.Thank you in advance!

Come up with a budget.

From a partnership agreement perspective, you can set it up however you'd like.

Quote from @Kwanza Price: Thanks Chelsea for your reply.I mostly wanted to understand what the experience was like and if you have any advice for setting up an LLC/IRA?

While this guidance provides general steps, it’s not legal advice; an attorney will ensure the process aligns with your specific circumstances.This post does not create a CPA-Client relationship.

It's simple enough to make a row for income, and another for expenses, and then subdivide those expenses, and add them up in the total expenses cell and then subtract the gross income from those total expenses to get my net.

Just lay the rock wool on top of the suspended ceiling. 

Nothing a "subject to" enthusiast could think up? 

I also have ~$20k that I've resigned for the scripted "mishap" that always comes up after purchase...lolI've read a number of other threads and I've seen a fair amount of talk about Ohio.

I mean come on!