The great thing about partnerships is that it is upto the partners to set the profit and loss ratio's.Something to take into account is each person's specialty and skillset to the partnership.If you have experience or a proven track record of delivering a return for investors - you can demand a higher profit percentage.As Jeff suggested - Please have an Attorney look over the partnership agreement.

Assuming you own them under your own name, your accounting should be the same thing - the only difference being they are going to be reported directly on your return as opposed to doing a return for an llc and then having the bottom line number (i.e. profit or loss) flow through to your personal return.You can write off depreciation, mortgage interest, property taxes, repairs, etc.

I am trying to understand the safe harbors as it relates to expensing rather than depreciating items. 

Some of these “big” items are either issues that have been dealt with or will likely need to be dealt with.

But items like knob and tube or old plumbing might be less marketable, it won't affect the value of the house in comparison to the cost to remediate. 

In VA we have very specific requirements for notification of suspected abandonment and storing items after abandonment. 

I'm sorry for your loss and hope you can turn it into a positive here at BP.

Yes, I plan on managing these as I am more than capable of the M&R items and my wife will take care of the administrative items.

If this occurs, and the tenant wants to get their account in good standing, they must pay the late fee as well as any and all legal fees associated with the late payment.In our experience, this has significantly reduced late rent, and it gives the tenant the feel of a very rigid structure that will be less interested in pushing in the future.When we have bent on this in the past, it seemed to have created a never ending problem of late rent payment and our management company always begging for rent.If they don't actually want to pay the rent, then starting that eviction ASAP will save you a ton of money and rent loss.

However, by Iowa state law, no matter when they leave, the landlord must make due diligent efforts to rent unit asap to mitigate the landlords losses.