You must be prepared to supplement tenant's rent till you are ready to cash out.In your area investors develop very high risk tolerance and move forward hoping to get out before th emarkets change.

Hello, can i use a generic subject to contract from the internet or do i have to get one done by an attorney every time

Consider instructing tenants to email a generic site like "Tenant Portal" or "My Landlord" and/or text a number specifically used for this purpose alone.  

The example was generic numbers I was throwing out so you may understand my question. 

Of course, a lender / title company will need one, and thats possibly the only situation to just download a generic doc.Good luck.

Could I use my LLC that the properties are in as a year's worth of income, supplemented with my current personal income?

Some questions I have are I have a new child, so I am not able to save much from my w2 job and looking to do a side hustle to supplement.

My goals are for now to supplement my income, but I want to be in a position in 5 years to be able to quit my day job and be a full time investor.

Just wondering if someone had general advice on "best practices for filing 1099s with a co-owned rental"It strikes me as a pretty basic generic question that that everyone that co-owns a rental would need to know (and other readers could benefit from) but I could be wrong?

If they don't, you can always Google search for a generic version.For all other reasons, use a generic statement sent by email.