With this issue, it may just be a matter of estimating the tax and ensuring to set money aside in the property bank account.With respect to your federal tax return, is it possible to issue each partner a 1099 rental profit/lose form for filing purposes based on each individuals percentage? 

Conventional lending is governed by Fannie Mae and Freddie Mac (if you recognize those names).  

ThanksHal Feder

Only debt currently is a car payment about 2 years left on a 10k loan. 215$ monthly payments. 6- thought of getting a government job part time to apply for a loan with that, then potentially loosing the job after I begin payments.

I was renting the property for the final 3 years I had it but property values just kept kept falling and foreclosures increased as casinos went under and more government corruption was unveiled.

-Ryan Ryan,You are required by Federal Law to include that income on your tax return.

(c) Assists or offers to assist in filing an application for the purchase or lease of, or in locating or entering upon, lands owned by the state or federal government.

If you search for "san jose rent control" you will typically find a city government web page and other pages.

A portfolio loan is a different loan type that is governed by the bank and not subject to conventional lending rules.  

The policy is designed to comply with all applicable federal and state regulatory requirements and establishes minimum standards for the extension of credit.