thank you BenThank you JohnRegarding self-employment over a w-2 jobWhen I was just out of the Marine Corps and I had this job at Johnson Controls engineering firm because I was a science major, had a lot of calculus physics and chemistryMy job was to sell to developers and builders That wanted air and water  control devices and I was on straight commission basicallyI had like $20,000 in commissions that they  didn't pay me for I got really upset and at 25 yrs of age I didn't have very much EQ, and my emotions got the best me I basically even went to a lawyer and asked  how can I get my 20,000 in commissions here's the proof they owe me the moneyMy lawyer says it's gonna cost you 10,000 in legal fees to sue them at a minimum he's going to need that upfront as a retainerAnd then there was no guarantees I would get the 20 kThat's why I made the commitment at 25 never ever ever be a W-2 employee and I work as a 1099 alwaysThen I found a real estate 60-year-old mentor who taught me everything from distressed property to foreclosures to divorce to bankruptcy to probateI work for five hundred a week for 2 and a half years and then opened up my own business and did approximately 28 seller interviews a weekMy closing ratio in the beginning wasn't very good because I sucked at itBut with the good coaching from my teacher I got better and better and betterI quit after 2 1/2 years and started my own company on a shoestring it wasn't easyBut I made over hundred thousand dollars my first year if it wasn't for the teacher I would not know how to run a business and I would not know how to hire people and I would not know how to market and I would not know how to negotiateAnd you never stop learning because I made a Ton of money I was 29 and I made over 1 million and a quarter I rolled it back into the company which was a mistakeBut live and learn!

I can probably get $1100-$1200 per month on a new similar sized rental, drop the insurance costs in more than half, and get rid of pool and lawn care.

Since I plan on holding the property for a very very long time.I just want to be sure it's in an area were I can get a half decent rent.Thank you both for our input and anything else you can suggest is always appreciated.

There is essentially no difference in the two plans you laid out.Plan A:  Each of you files two Schedule Cs for half of everything orPlan B: One of you claims all of the income and expenses and then "hires" the other as a subcontractor.  

Welcome Miles!

After a while I became very dissatisfied with the knowledge that I'd lead a relatively unexciting life, only living off half my pay, only to be rich once I already have one foot into the grave.This was about the time that I read the Rich Dad, Poor Dad book and it really changed the way I looked at investing.

I'm just 3 miles east of the Legends area and work for Cerner out there!

There is a meetup next Thursday at Whispers Cafe, near Oakland Rd and Hostetter/Brokaw/MurphyAirport Blvd. ...the street that changes names 4 times in 3 miles, lol.    

Saw your "keyword alerts" msg coming from miles away and yes I have it setup. =) I even watched the keyword alerts tutorial that you put together and I have agree... with Josh, that you and your cat is a bit creepy.

It has miles upon miles of walking and biking trails.