Let's assume the partnership agreement works out such that I will be allocated 90% of the partnership income, loss, deductions, credits, etc., and you will be allocated 10%.  

In other cases, fines levied.

Others can chime in, but the simple answer to the real estate pro question is you must spend at least 750 hour/yr on real estate work and, if you you have another job, 50%+ of your working hours on the real estate.Without RE pro status you can deduct all depreciation and expenses against all income for your real estate holdings, but not against your husband's regular income if AGI is above $150k.Cheers,Jeff 

Not being a w2 employee my expenses are deducted out of earnings so it shows less.

If you can visit your target housing markets a few times before purchase it helps (and its tax deductible*) yet not always required.

If the judgment person moves out of state from where the judgment originated that can also create a host of problems with enforcing.You can try for wage garnishment, bank levy etc. but what others have not mentioned is to do these things your former tenant has to be above certain federal income guidelines.

Go with it but consider increasing your deductible to $2500 at least and that will reduce your premium. $1M minimum liability but beyond that look at your total equity in all of your real estate then figure your net worth outside of real estate.

I'm working on that with the Seller now as to who handles those expenses in each scenario)Scenario 1 - I offer the Seller $80K at 5% for 30 years with a balloon after year 5 and I pay interest only payments of $333.33Scenario 2 - I Master Lease the property for $333.33With Scenario 1 I would own and take advantage of all deductions including depreciation and I have no cash outlay.

As they are taking on the risk of protecting the property and reimbursing you if you have a loss, they do have a right to be sure that they have properly underwritten for the risk...meaning collecting the correct premium, correct deductibles, coverage options, etc....

She has auto deduct has parents sign and keeps them out of the basement.Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info.