But for the last 3-4 years local residents have decided it was cheaper to just take the groceries. 

@Gregory Wilson  - partnership return compliance has become insane in the last several years.

Use umbrella insurance as an additional safeguard, especially if you opt not to form an LLC.Avoid S-Corp taxation for rentals, as rental income is passive and not subject to self-employment tax.

Started using Xero last year, as better bookkeeping was needed a new acquisition with a partner. 

Quote from @Benjamin Sanders: Hi all,My wife and I made a last-minute offer on a rental property in New Albany that is in a flood plain.

I personally would recommend the last method.

The meetup is at Red Stick Social on Government at 630p and usually last about 2 hours.

Narrow the list down then, last step is make the time and go tour them. 

Lastly, while your exit strategy looks good, keep in mind that refinancing costs or delays may impact your timeline, so have contingency plans in place.

One last follow-up question.On one of the IRS forms, I found the language pasted below.