@Ashish Acharya thank you for your response, but I feel I'm still missing/misunderstanding something - you said "the IRS allows spouses to combine their time for material participation purposes", followed by " only one of the spouse's hours counts for the REPS status, which means only one of your efforts can count" - which one it is?

You’d need to file the Articles of Organization with the Colorado Secretary of State (the cost is around $50), get an EIN from the IRS (which is free and can be done online), and possibly draft an operating agreement, which isn’t required in Colorado but is still a good idea.

Our property manager mentioned that they cannot collect rental income for one property and divide it between multiple SSNs.Here’s their suggestion: "They are operating a business, and the IRS considers it a partnership.

If you'd like, I’d be happy to hop on a call to go over the Branson market basics.

If so, is there something that I need to file to IRS?

I didn't find anything in the IRS instructions.

Here are the ways you can qualify for material participation per IRS publication 925: https://www.irs.gov/publications/p925#en_US_2023_publink1000...Material participation tests.You materially participated in a trade or business activity for a tax year if you satisfy any of the following tests.1.

Truthfully even when I bought my first one at 3% IR I thought this is risky.

This would depend on the specifics of IRS Section 121.

A very important note to your getting started phase - No real investors want to "to grab a coffee or hop on a call" without getting to know a little about you and knowing if you have something to offer them.