My concern is someone familiar with the territory might just give me a guesstimate based on when the property last traded Plus or minus any appreciation.

Should be pretty simple as far as you’re concerned.

Account ClosedIf you and your colleagues have a tenants in common agreement in place and you and your colleagues own the property in both of your names - you and your colleague should be entitled to report each person's share of income and expenses on your individual tax return instead of filing a form 1065.There are some benefits with this method such as not having to file a partnership return which can cost $$Furthermore - you don't have to wait for the partnership return to be completed before you can complete your individual return.The only possible downside is that you may have to calculate depreciation separately.$1600 a year for a partnership return - I hope that didn't wipe out all your cash-flow!

Feel free to send me a message or email  with more specific concerns and I'll be happy to give you some honest feedback/advice.Full disclosure, of course...

One concern is that all the walls are plaster still and haven’t been dry walled so I’m sure a lot of what’s between the studs is out of date.

Pleas feel free to reach out to me personally if you have any questions or concerns you would like to discuss.

Is there some sort of limition on this method?

I am starting to think about my next maneuver and I am a little concerned about the effect that these competitive prices will have on my investment.

On the one hand you can see that on the day the transaction was completed they got all The money that was due to them based on the facts of that point, going forward they are not the owners of the house anymore so if we got a tax credit or a tax increase it does not really concern them, on the other hand you could say that they took the effort to do this and since that credit was applied to the year they sold the house they should have a prorated amount based on the months they lived in this house.The second question is why didn't the sellers lawyer contact us directly, as the lawyer we used for the transaction is not really working for us on a regular basis and is not our regular counsellor.

I'm stuck in the mindset that maybe Park City or Garden City would work for AirBnB properties, but is it a method that works elsewhere?