Thank you for sharing your expertise. 

@Michael Shea I'm not a tax accountant, but I've done the rent by room strategy for over 6 years as a house hacker, and I've recognized rent by room tenants rents in the Schedule E part of the tax return.

Tax BenefitsIf you are down one but up the other three, it can make sense.

Think of it like the escrows you likely pay your mortgage servicer for Insurance and Taxes, or your estimated taxes to IRS.  

Our current focus is working on 1-4 unit fix and flips, but eventually work towards being able to refinance properties and keep and cash flow them.My question is  tailored on the the way I should structure our relationship for the legal and tax base purposes.Should I secure the deals under my business and pay my partner out of my business operating account?

Did you know about various tax credits available for real estate?

I'm in need of the expertise of this community. 

I need to prepare for tax filing and potential audits, but I'm unsure if receipts for every expense are necessary.I had an incident where the PM mentioned a referral fee of $350 for a tenant, but the bill showed $400.

How much should I budget for taxes on rental income (For example if mortgage and fees are an even $3000 per month, what should I actually charge to breakeven after taxes, much less cashflow)?

Failure to repay the loan according to the plan's requirements could result in penalties and tax consequences.Tax Implications: While 401(k) loans are generally not subject to income tax or early withdrawal penalties, there can be tax implications if the loan is not repaid on time or if your husband defaults on the loan.