You pay taxes on what is left for you, presumable your half, in whichever way you calculate it.Some of my colleagues will disagree, but I maintain that individuals do NOT issue 1099-INT, ever.

Since you converted your former primary residence to a rental, you will have depreciation recapture taxes on the depriation you took or should have taken whichever is greater. 

If he creates an Airbnb (or VRBO, or whichever platform they end up using) profile, you could require him to hand it over to you when the lease ends. 

Whichever of us provides the management side of the transaction has 51% ownership so decisions can be made.

The following is an excerpt from Andrew's original post...WHICHEVER IS THE LOWER AMOUNT (super important)I understand the caution in all this, but entertain a scenario..I'm having a very difficult time passing up cash-only deals based solely off the knowledge that the ARV really isn't going to go anywhere due to the home being livable/only needing cosmetic upgrades/being sandwiched in between 2 or 3 other units of a multiplex...I say again I'm having a hard time forgetting these deals because they would cash-flow nicely and are affordable.

After you save up,  find a mentor and volunteer to help and learn the business, whichever path you are going.Also, not sure how handy you are, but learning basic electrical/plumbing/drywall/etc will pay for itself tenfold if you are going to be doing any renovations!   

Which ever way, put the account down on the loan application, and this way, they won't even have to ask you.Turned out I went to the closing and was able to use the HELOC, so there's no problem there.

@Jonathan Wells Cashing out within 6 month you will be take out 70% of appraisal value or purchase price whichever is lower.

Speak to each individual and determine if they are viable candidate for whichever rental you are moving - it’s that dumb and simple.

You subtract the amount of depreciation taken or allowed, whichever is larger.