Hi BP experts,

I am newbie from TX. I am planning to register a LLC with a friend who is a foreigner. I have a few questions and hoping to hear your expert advice.

1. Does my foreign partner need to apply ITIN for ...

Resident Qualifying CriteriaPursuant to Property Code Section 92.3515, these Tenant Selection Criteria are being provided to you.

. - Yep we got ours too (for primary residence). 

I do my own PM and set my rents around 10% less than market to retain really good residents.  

If you're looking at an FHA loan to live in for a while and then go do it again, you'll have to prove that you're relocating and that you're establishing residency "outside the reasonable commuting distance from his/her existing primary residence."

What is the tax rate on rental income sourced in pr to a person who has primary residence in Florida?

@George Drossinos , The taxation of income in the states for Aliens is determined if we are nonresident Alien or resident alien. 

Does anyone know how rental income is taxed that is sourced in Puerto Rico though I live in the states and am not pr resident?

We use MRI resident check software.

I am in the process of obtaining a HELOC for 150K which will put the LTV of my primary residence at about 66%.