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.

Quite the opposite - I invest my personal money as just one more member, in each investment we end up doing as a club. 

Second- these developments where the same person develops, builds, and then requires you to use them for management- they always suck.

. $50 per bedroom, so a 4-bedroom house will cost you about $150~200consumables - bathroom supplies, kitchen supplies, beverage supplies: $20~30 per week, depending on how much you providewear and tear - towels, linen, kitchen utensils, some furniture: $1000~2000 per yearRepairs/replacement for things that guests break or steal:  $1000~2000 per yearAlso, if your personal use is less than 14 days a year, the entire property's expense is deductible against STR income, but if you use more than 14 days, then you will have to calculate the proportion of how many days it's rented out vs how many days you or your family uses. 

I spoke with the one I suspected forgetting to turn off the stove but the person did not confirm.

I personally would recommend it but it isnt the best run 3 day. 

I have a personal sign-up link, so if you decide to make the switch, use my link!

I can provide support of checking in on contractors, staging rental properties, walk potential leads to give you an idea of the property in person or what the area is like, meeting with agents, and drafting scope of work for projects. 

Hey Account Closed - I highly suggest  using a renovation loan and house hacking a multi-family if that is possible with your current life circumstances.The 203k and homestyle renovation loans are just amazing products and drastically help you reduce your risk, in my opinion, because you are able to leverage the cost of the entire renovation with such a low down payment loan.We work with a lot of clients who use these products in Chicago, and no matter what, in the long term, they gain great equity.If you aren't able to house hack - the process is essentially the same, but just with more money down with hard money or conventional construction loan.

If the trust is disregarded and you and your wife file a joint tax return the property is reported on your personal joint return.