There are certain rules regarding changes in use from investment to personal residence and vice-versa.

Nathan, if I've drifted to far from "just cause" topic feel free to delete.

Welcome Christopher,If you ever have any questions or need advice on commercial real estate, feel free to reach out.

Think of PM like insurance- you wouldn't own a property without insuring it. 99% of the time, things are fine and you don't need the insurance and it feels like you are throwing money away, but when your house floods or burns down, you'll be happy you paid those premiums. 

Pre-rental taxes can be an itemized personal deduction (Schedule A) if you don’t exceed the $10,000 state and local tax limit.Expenses incurred to get the property ready for rental, but before it is actually available for rent could be added under startup cost and can deduct up to$5,000 in the first year, if total start-up costs are $50,000 or less. 

@Elvis Witcher If you'd like me to send you some resources and referrals, feel free to DM. 

Would love to chat - feel free to reach out!

If I ever plan to use a family member or friend who may not want to be fully involved in the process - what kind of documents would I need to provide that person that ensures their end is covered and could fully explain numbers, process, timeline, and security for them?

Since on of my wonderful BP colleagues already answered it above, I wanted to ask if this person would be open to re-investing the proceeds? 

Hey Paolo, I would say before partnering with anyone, I would figure out the person's strengths and weaknesses' before doing anything.