You will pick up all of the income and expenses from Open Door Capital on your 1065 and then issue K-1s to yourself and wife for your proportionate shares of your LLC.

Since he has moved in, there has been a myriad of sports cars and expensive motorcycles that have adorned the driveway.

Another option is a revised Tenant-in-Common agreement, outlining property management, expense sharing, and a potential buy-out provision in the future under specific conditions.

If so, this is not uncommon and should be budgeted as part of your annual maintenance expenses.

All landlords experience situations like this (experience through pain/expense). 

They took it back and had is audited and redone by someone "whose been doing this for a long time" and when I got it back, the updated amount due was literally a fraction of what they initially stated (my taxes due were literally overstated by like $15k)But then, someone else reviewed it one more time and again, they caught something else they "missed" which changed my amount due again and it went up by another $4k or so.At this point, I've called in my old tax preparer and she's doing her own audit so that we can compare the 3 returns TS has given me with what she gets — which is another expense incurred for me. 

A few months later, tenant calls S8 for an emergency inspection and the newbie investor gets a long & expensive list of needed repairs to avoid rent abatement.

Lake Keowee has always been expensive, but I just saw a log cabin sale for less than $500k and it peaked my interest.

House hacking is the perfect way to get experience in investing in real estate while also covering a majority of your living expenses.

He has never been late & took in a room mate to help with expenses.