Then, I would encourage you to have all monies go either through the title company, or directly to the contractors on a draw schedule.

I will actually be there in two weeks but just for one night and I have my schedule full.. next time around though

Bill, yes I'm scheduled to talk with an estate attorney this week but based on my research this would qualify as carryover basis because the transferor isn't deceased so it wouldn't be stepped up to FMV. 

So how do you guys schedule your time. 

Secondly, if you have a mortgage on that property, it will show on your credit report, so a talented underwriter will know to look for it on your rental income schedule (Schedule E).Second of all, if you have expenses associated with your rental that you choose not to write off so it will look better to the mortgage company, this is technically mortgage fraud and yes, you can go to jail for it.The way my mortgage broker explained it to me is that they take 75% of the rental income (I don't know why - probably to account for possible future vacancies?)

Is anyone else frustrated with this terrible business allocation formula on Columbus' schedule Y tax form?

Or better yet, for the sake of corp's expense scheduling, partner gets a certain salary and I get an equal amount in rent. 

You can learn by watching the process and scheduling.

Find a local title company or closing attorney and ask them for a schedule of fees.

For taxes this year, we ran the Schedule E Assistant for each property and the business and gave them to our CPA.