She can't give any formal ruling obviously, but speaking from her perspective as the person on the IRS side of this, she said putting on Part 1 Schedule E and dividing it in half for each party makes sense to her and she wouldn't give a second look to this not having a 1065.

Going rent is $1600-1700Our long term goal is to acquire multiple rental properties and this would have been our first BUT now I’m thinking it would probably be best to sell and buy something that cash flows better?

Always good to see someone from Queens becoming active on Bigger Pockets.Your property management experience will prove to be very helpful in the future as you move onto acquiring multiple rental properties.

If you plan to buy multiple properties a year you will save on commission, it’s another source of revenue,you can bid on multiple properties, it’s leverage to network with other agents, you learn the valuation of property, and most importantly you move on your terms.Having an agent license is very beneficial when starting out and you have a full time job.

The right answer depends on your goals and, from a strictly financial perspective, the route that results in the highest NPV for you.

I always look at it from the perspective I don’t care what there number is, what is my number ?

In some cases in real estate, it can appear to be a pyramid scheme but there is a big difference from a lending perspective and good syndication perspective in that the lenders [HML] and investors [LPs] do, in most cases, get their initial capital back. 

You could always present your seller with multiple options - one with 100% financing and one with a down payment and see which they accept.

There are multiple ways to find the owners.

Most of my listings end up in a multiple offer situation.