I am going to adjust my payment schedule to the hot tub company to just be a flat $100/turn (rather than $50/$150) to accommodate complete drain and refills.

I saw a lot of Duplexes in Arlington area but I’m not familiar with the market there so I need to schedule a visit for some times to go there and meet with people to know more about TX market.

Typically each partner would just report their share of the income and expenses on schedule E. 

I would look at their website and see if there is a calendly (or similar) link where you can schedule a time directly.  

@Diyan Yap- It's an individual tax return, but I don't have a schedule L as part of my filed return.  

Decide on things like kitchen use, bathroom schedules, and noise levels early.

Their communication is slow at best and you have to ask to speak with a person and hope they provide the Calendly link to schedule a time.  

There’s definitely been some learning about the cost of schedule slip.

Assets identified in this study include:Permanent Fixtures: windows, doors, bathroom fixturesStructural Components: Roof construction, drywall, wood framingBuilding systems: water heater, electrical distribution, HVAC, plumbingInterior Construction: Wood flooring, stairs, ceramic tileThis engineering-based cost segregation study included the following methodology:Physical Inspection through a site visitDocumentation review including architectural plans, accounting records and construction documentsA cost analysis which utilizes engineering principles in order to allocate costs to their applicable asset classificationsCalculation of the depreciation schedule using MACRSAs a reminder, bonus depreciation started to phase out in 2023.

I would ask for the last few years of the Tax Return Schedule E for this property to see what their total expenses and net profit was.