I plan on keeping the property.I plan on obtaining several units on a regular basis.

When we came to City Hall to obtain two rental licenses we were only given one.Turned out the zoning was changed at some point to a single family.

My question is about the loan or mortgage - when people go into an agreement like this (assume they are splitting all costs equally), do both people obtain a mortgage for 50% of the property, or does one person get the loan in their name for the full amount and then just receives payment from the other party for all expenses, etc?

The rehab costs is a separate depreciable asset so figure out how you can depreciate those (depends on what was done).

@Manish Shah I would go on loopnet and do a quick search for the exact location / asset type you're looking for.

So far I have 1099, Advertising & Marketing, bank charges & Fees, Capital Expenses (for remodels) Car & Truck, Contractor, depreciation, donations, Employee benefits, insurance, interest paid, inventory assets, job supplies, legal &professional services, loans/points, meals & entertainment, office expenses, Rent & lease, repairs & maintenance, salaries & wages, taxes & licenses travel, utilities.

Now, I've been busy obtaining Lis Pendens lists from my local town/city hall (which is like an hour from me...) and did some research on the properties I've obtained.

You need to think of your house as an asset and your house as a business partner.

People like Dave Ramsay would say to just save up and buy a home with cash when you get enough.Personally, I am more comfortable with mortgage debt vs credit card or car debt because the debt is in an appreciating asset & you owe less than what the asset is worth.This allows you to sell the property and pay off the debt if you can't afford the payments.

Here is the IRS publication regarding residential rental property which also defines when the asset is considered "placed in service" and with examples too.