If this is a single-member LLC (you are the sole owner), then you will file the information for that LLC on your personal income tax return using Schedule C (Self-employed profit and loss).To input your Schedule C LLC activity: Sign in to your account and click on the orange Take me to my return button (skip this step if you are already in your return)Click on Search at the top of the screenInput "schedule c" in the search box and hit enterThe first link available should be Jump to schedule c - click on this linkTurboTax will walk you through inputting your income, the business information, and expensesImportant: You do not report the draws you take from your self-employed business as separate income on your tax returns, nor do you deduct these amounts on your Schedule C.

The standard text also states "Tenant shall pay the Rent, without notice, demand or deduction, to Landlord or as Landlord directs."

You can only deduct for stuff you actually paid out.

Disclaimer - not suggesting this will replace professions, just sharing my experience - As a landlord(lady) of multiple rentals, I need to understand the intricacies and this book has given me a very good understandin...

Would be it more advantageous to put us as co-owners as part of a multi-owner LLC or just have one of us as the "founder" and the other as an employee to potentially write off as a tax deduction.

Send her an itemized list of deductions within 30 days to  her new address, if she didn't provide one send it to the apartment she was living in as her last known address. 

I've seen hundreds of investors meet these marks in OKC in just the last year. 1% rent to value, $200 cash flow after mortgage payment and all operating assumptions deducted, not as much up and coming neighborhoods but solid B-, C class that are just older suburbia and will stay that way.. on average about an 8% cap rate.

There is no way around that, though the account may be able to take deductions against the taxable income.

(all of them are $1 million personal injury, $1000 deductible).  

So, while technically deductible, for most people it ends up being useless.