If there is only a JV and not a new LLC formed, what forms are issued at the end of the tax year?

I've labeled it Rent Income on my spreadsheet and it matches to my Tax Return details of Income/Expense.

Even if you're still paying for some of the expenses out of pocket, you've most likely drastically reduced your cost of living by eliminating most of if not all of your mortgage, property taxes, and/or insurance.

There is also a chance to offset more tax liability by using a cost segregation on the rental property.  

Your primary residence you get to deduct the interest and taxes but not the insurance.

Should I create an LLC at this point to protect my personal assets and tax planning?

We want that $500k non-taxed equity!

My payment (including escrow for insurance, taxes, etc) of $2500 would go to roughly $4500.

To protect the purchaser of the wrap-around mortgage, Texas Senate HB 43:provides for wrap payments to be held in a constructive trust by the seller for the benefit of the buyerestablishes that anyone collecting or receiving a payment from a wrap borrower in connection to a wrap mortgage owes a fiduciary duty to the borrower for the paymentsdiscloses the nature and risks of wrap transactions to buyers and offer consumers the right to rescind transaction/agreement when disclosures are not made timelydefines “wrap mortgage loans” as a residential mortgage loan:made to finance the purchase of residential real estate that will continue to be subject to an unreleased lien that attached to the property before the loan was madesecures debt incurred by a person other than the wrap borrower that was not paid off at the time the loan was madeobligates the wrap borrower to the wrap lender for payment of debt, the principal amount of which includes the outstanding balance of the debt and any remaining amount of the purchase price financed by the wrap lenderclarifies that a wrap mortgage loan may only be closed by an attorney or title companyprevents “house flippers” from registering as financial service providersprohibits a person from making wrap mortgage loans unless the person is licensed or registered to originate or make residential mortgage loansThe new law goes into effect on January 1, 2022.

I’m interested to know how to get around it when my taxes & insurance (including flood) are all paid through an escrow company.