My name is Youa Yang, but you can call me Sammie.

Welcome to BiggerPockets @Peter Yang

Best of luck in your search for the ying to your realtor yang. 

@Meagan Ruxer the other two posters indicated there are not tax break that he can currently take, however that's not 100% true.What they mean is that if the rentals show a loss, the loss cannot be written off on his tax returns (if MAGI is >$150k).But, rental real estate will absolutely have tax benefits.

Cha Yang, short answer is that both depend on what your contract says...1.  

@Leon Yang in show 013 up and moved thousands of miles to Vegas. 

Thank you @David Cha Yang 

My name is Xang Yang and I'm new to BP.

 $150,000 cap would not apply and passive income depreciation / losses would adjust our combined MAGI.Bank Rate - "Taxpayers whose modified adjusted gross income, or MAGI, is less than $100,000 can claim up to $25,000 in rental losses.

@Felix Yang In my opinion just being a contractor doesn't qualify your family friend to be a good partner on flipping.