As a "partnership" will each owner be taxed on future rental income?

In the tax world, we call this "unreimbursed partnership expenses".  

@James Masotti,When spouses are members of the LLC, the LLC is a partnership and your LLC income and expenses are reported on Form 1065 under the LLC's EIN.  

If I have the financial means to purchase an asset but lack the geographic proximity to live in the property, is there a way to structure a partnership to leverage the advantages of House Hacking and fulfill the residency requirement on my behalf?

The best way to negotiate a partnership based on a percentage of profits.

hey Chris I have a good recommendation for you regarding this it's with urban partnership

a friend of mine and i are meeting in a few hours to start planning for our first property purchase. we both live in manhattan and are looking to purchase a 4-6 unit residential building in the nyc metro area (most likely an outer borough or nj) to begin buying and holding properties. we are looking for properties that will require work / reparis upfront. what are some important first steps that you would discuss with a partner upon starting up (i.e. financing, partnership structures, deal sourcing, property management, business incorporation, etc etc etc.). my background is in finance, and his is in architecture, and we're friends from college.

Too often, I see people waiting for the brass ring that continuously eludes them while prices are going up and returns are coming down and they never pull the trigger on good investments right under their nose.

If you can find someone you can trust who is getting started and needs the money and you both are educated/savy you could develop a partnership with a good equity stake.I believe @Joseph Pytcher builds spec homes, has a track record and is looking for capital.

Looking for some help/partnership to move property as soon as possible.