They will need to file a partnership tax return, and each owner will receive a K-1, which will include their individual SSN.

He is allowing me to completely renovate the house over the next year before I take a mortgage out and pay him the full purchase price we agreed on (which we have a contract on) I have a few questions I need some guidance on.

Prop 13 virtually fixes the property tax.  

I'm paying my cleaner $150 for an 1800 sqft 2/2.5 and they seem to want more depending on if there was a pet.

Purchase price: $315,000 Cash invested: $85,000 First investment property, property pays for itself and then some.

It will pay off in the long run.

Plan is rehab it rent it and refinance it to pay back private money lender.

I was able to pay back the private lender, and less than six months with the sale of the house Lessons learned?

I have a client that makes over $900K a year and needs tax breaks.

People who used to be responsible for only 40 units in one market were informed overnight that they're now responsible for over 300 units spread across multiple cities - and all for the same pay they were making before.