Is it by filing 1065 and generating K1's or is there more to it?

That's the key component that is usually missing when I hear other entrepreneurs/investors say they don't like QBO.Something else to keep in mind is your entity structure and how your entities file tax returns.

When asked what they did, they advised they filed it away.

@Nakul PatelCalifornia is generally more cumbersome than other states when it comes to taxes and filings.

I've filed the claims.

It cash flows gross $400 max and about another $450 goes to principal each month.  

I'm about ready to file a complaint on them with the FDIC.Moral of the story, it's a nifty application but I would be careful about how much money you keep in that account. 

Below are some important things for you to be mindful when you have to file a partnership tax return1) A partnership return generates a form K-1 that each investor will need to complete his / her tax return.Will the accountant be able to complete the tax return by April 5th to give the investor/partner enough time to file his individual return?

You are required to file a complete and accurate return, which means reporting the income that you earned along with atleast the direct expenses that you incurred on your rental.There are two comflicting forces - Your tax accountant wants to be aggressive with deductions because it will entitle you to paying less taxes(now or in the future).Your lender wants to see as much income as that will increase your Debt to Income Ratio(DTI).The good thing is that you can speak with your lender about 'one time expenses', that were only incurred in that year and are not reoccuring. 

There have been complaints filed by multiple parties. having been a broker for many decades and owning 3 brokerages over the years.. at least out this way when complaints come into the DRE and they are numerous they will most certainly send an investigator to this companies office and request the books.