We live very cheap and reap all the benefits of owning an investment property. 

@Felix L PerezIt is okay if you are not proficient in tax - you can easily hire a tax accountant to help you.I am not good at plumbing and I would never dare to try to fix my plumbing issues.If you are involved in a flip that you acquired the property in 2018 - there won't be any benefit that you can use to do on your 2017 return.Expenses that are ordinary and necessary are deductible.

The benefits I see from the FHA loan are the ability to refinance after 1 year to help acquire more properties, and not having to deal with the previous owner on an ongoing basis.

The tax impact is generally significantly smaller than the benefits of leverage and the resulting higher cash-on-cash return the IRA receives, but does introduce the filing complexity.The repayment terms would be those offered by the lender, not anything specific to the IRS rules. 

Having cash reserves is essential to owning rentals.

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!

I am far more conservative than most investors so I take all of the ways to make money into consideration i.e. cashflow, appreciation, ROI, and tax benefits. 

I've lived through two of them and prospered greatly in the first-oil market collapse in the '80s, and survived handily during the second-investment banker's scam of the 2000s.The first time I paid cash I noticed the first benefit at closing when I looked at the HUD-1.

I have benefited immensely from the folks I have met in the REIA I joined. 

@Will Gaston that would probably be the best course of action for me, the benefit would far outweigh the expense with this type of niche.