K1s show your share of income or losses from the partnership, and you include it on your respective personal tax returns.Now, to your partners.

@Alvin Sylvain I agree the emotional support animals are B.S. but they are legal and we have to abide by the law.If the animal is an ESA, you are allowed to ask if the person is disabled and what service the animal provides.

You don't want to distract the buyers from the house with too many items or stuff.

A "lake house" might be in a residential zoned area where a commercial use would be prohibited or at least require a variance (approval) to make an exception.

Tenant chose to stay in house during repairs citing Renters insurance declined coverage.

But I'm gathering that this may be a fools errand if the house is not appreciating.

I am not sure what type of real estate investing you're considering, but it sounds like, with your family and busy job, you won't have a lot of time to be hands-on or personally involved. 

Personally, I just rip it down.

Personally I think this is where a lot of sale lease back programs fail the seller.

My contractor brought me a house off the market.