You are dealing with hypothetical issues so far.Its great you want to get "saving," but you know most people don't buy a house at 22. 

I would love it if the whole depreciation thing was just a non-issue in the calendar year of the property transaction and that there is nothing to claim or recapture, but I suspect that's not the case.Your help is very appreciated!

They are very  different and it’s an important distinction to understand. 

I have a multi-family property for sale right near Brighton beach that I thought would sell fast but I'm having issues finding investors for it.

The renovations would be valued at the Replacement Cost of the work.Renovation Builders Risk policies can be issued on a annual basis or 3 or 6 month terms. 

The cash flow from that property is close to nothing and if there are any issues with the property and you dont have the financial backing to handle it then it is going to be hard to deal with. 

It appears as though there upper management and broker are better suited for vacation rentals and don’t Handel tenant issues well.

They would each be putting in 200k each and I would be putting in 100k and would be responsible for all the property management, being paid by the other two on an hourly rate when responding to issues.

We prefer to make good quality updates to avoid continuous issues but obviously want to keep the costs minimal.

If for some reason you cannot, have the fee issued to one of you and have the one who received it to split it and then issue a 1099.