You’re looking in the wrong place - try this thread https://www.biggerpockets.com/forums/51/topics/816680-real-e... 

looking at 75-80% ltv for a heloc, yes all rental income are in schedule e 

Mike -Forming an LLC is a good legal best practice to house a RE rental and would be a Schedule E transaction for you.

If someone comes to me, I'll send them your way.If you need help in your search or want to verify something don't hesitate to ask.For example: I have clients worldwide and things are just as easy as I e-mail them, talking on the phone.

Our CPA told us if we transferred to NJ LLC with both of my parents as 50/50 owners, they can treat the LLC as a single member for federal tax purposes and continue to file on Schedule E because they file a joint return, but this seems to be inconsistent with what I've read.If we want to transfer to an LLC and continue reporting on Schedule E on their joint tax return, can I simply set up the LLC with one of my parents as the member and have each parent deed their interest to the LLC that will be owned by one parent?

I am closing this week on a duplex on E 128TH, and e 146th, Both under 80k.

So I should file it under the Schedule E.But my question is, how do I actually file it on the schedule E? 

It's similar to how you report it for tax purposes in years where you aren't selling it, you report 50% (or whatever % is allocable to each side) as rental property and depreciate that 50% while the other 50% is your own personal residence and therefore is not part of Schedule E.

Just whatever makes $en$e for you.

My first post on BP, I've been a lurker for a long time.I sold my e-commerce company last year and have been doing some real-estate investing, I've bought and fixed up several personal homes over the years and have always wanted to get into real-estate investing.I live in CA, and I bought my first investment property in Temple Texas at the beginning of the year.