Consulting with a CPA will help to give you an idea of the tax ramifications of the partnership.

I am not an expert to maybe you should consult with lawyer and accountant but if its sole-ownership LLC, it doest not really matter for tax purpose if you are filing schedule E. 

Have you consulted with your Private or Hard Money lender or their broker?

I am semi retired and mainly doing consulting work,  wanting to try to stay busy so i don't loose my edge , Lol.

Setting up that kind of entity/contract isn't worth it at our level.If there is an RE Parnter LLC template we can riff off of and the consult an attorney to cross all of the i's and dot the t's, then that route would seem to make sense to me :-)  

I’ll consult a local insurance agent to get a better estimate.

First, it's always best to consult with a CPA and an Attorney about your scenario, but I personally have just done my home state, although there are some benefits of choosing other states.For several of my LLC's I just had legalzoom make it up for me!

A lot about the quitclaim process, thanks to Brian for doing about ten hours of research and chasing down people experienced in the areas for us on very short notice.Challenges included finding and consulting an attorney on short notice.

Hey @Mike Shirley I'd recommend finding a solid bookkeeper and CPA to consult with on this.It'll be reported as rental income but structured correctly using depreciation and cost segregation (in some cases) you will be able to claim a passive loss on not owe income tax on your rental income

While you should definitely consult with a tax professional, you can also prepare by keeping good records and following some simple procedures.See the original at: https://www.fortunebuilders.com/rental-income-tax/