To determine the additional depreciation on section 1250 property, see AdditionalDepreciation below.Section 1250 property defined.

We put in criteria as follows (will look familiar): 1) Gross monthly income must equal or greater than three times monthly rent2) Applicants must have a favorable credit history3) Applicants must be employed and be able to furnish acceptable proofof the required income4) Applicants must have good references concerning rental payment,housekeeping, and property maintenance from all previous landlordsWhen I send out the application tomorrow to the prospective tenants along with the movinguide request, should I further define favorable credit history?

The OA will define everything from responsibilities, to percent of returns, to percent ownership/control.  

This list will define your "target", and if you write it down, you'll be more successful at eliminating them.Next, don't just "fire away" at anything.  

A plan is a defined system of steps, not the target at the end of those steps.

Thank you so much Paul will definately look into all of that.

This defines the amounts owed, including a break out of principal and arrearage. 

A good REI Realtor should definately be part of your team.Now, how to find those Realtor's?

But now after reading your post and doing some additional investigation, I am now under the impression that this applies only within the maximum limit defined by the security instrument and note. 

If you were to hold title solely in your name then all the liability is yours regardless of your partner's involvement.Another point is since you are purchasing with another person, the LLC operating agreement can define each of your roles and responsibilities.