If you're just hitting one time bonuses or inheritance--equities is the better option--depending on how much, and how your personal situation sits.I'm right now probably 70% equities/20% REI/10% other.

If you pay for it outright and you own it, it will have absolutely no impact on your ability to sell the property.I would absolutely put solar on, bonus depreciation  (80% this year) and tax credits, ….oh and free electricity?!

If the deal works really well for him, I get a bonus of unspecified amount. 

My main question is if we start transferring the deed over to our LLC in which we are 50/50 partners, how does it work when it comes time to deduct the bonus depreciation against our W2?

Consider this a bonus if you get it, but not one you plan for. 

Of course, you'd want to do some tax planning to see how to raise your income legally (i.e. work more hours at your job, opting out of bonus depreciation for assets <20 years, etc). 

Introduce more local incentives such as density bonuses, reduced permitting fees, and streamlined approval processes to developers who build affordable housing units.3.

And, as a bonus, you'll take him to Wallace BBQ. 

Also, we have a room set aside for a pool table, is that a bonus or would they like something else for their spare time? 

Sounds like you've found a couple of gem properties that have a couple of viable exit strategies which is also a bonus!