You get depreciation and write offs for capital expenditures but don’t forget recapture.  

If he agrees to leave early in exchange for some cash or whatever, be sure to get the agreement in writing, both parties sign, both parties get a copy, it includes clear deadlines, and the payment (or the majority of it) is made AFTER they are completely out and the property is returned in the agreed condition.If the tenant digs in and insists on staying, then you'll have to decide whether you wait him out or sell it with him occupying.

As @Justin Dragon mentioned, this should have been done, in writing, at the beginning.If your partner is open to this discussion, you might be entitled to another 5-10%.

Hello Anna,Your chance of collecting isn't good but you can write a review on that tenant(for free) so that the rest of the community doesn't rent to him/her.

A buddy of mine told me basically the money you put into the syndicate as a GP or LP, you can essentially write off 75% of that thanks to the pass through depreciation.

A willingness to take action on what you learnedToo often people like to write off others as soon as they hear one thing they don't agree with.

@Jordan Soto you can write any agreement you want into a lease.

Write an invoice if they don't give you one, pay by check, get SSNs if you plan on paying more than $600 to each of them.

I still want to keep this project in the family, and was wondering if there are any suggestions out there for contracts to write up for these situations?

I have the opportunity to write a percentage increase into my lease.