@Tyler Case - You could offer someone a promissory note or a debt play, e.g. someone brings the downpayment and renovation costs and you pay them a flat 10-12% interest on their money with the plan to refinance their funds out down the road.

Other advantages include value add, tax benefits, capability to legally avoid paying taxes on extracted money, and ideally cash flow.  

The second would be to spread out taxes instead getting hit all at once from Uncle Sam. 

Something else I've done is combined debt vehicles.  

I currently do not have any student loans, car payments or other debts besides my mortgage. 

Transfer taxes, recordation taxes, lenders title insurance, owners title insurance, closing fees, lender fees, appraisal, survey, deed prep, recording fees, insurance, escrow 

I ran the banking relationship department for a national debt brokerage.

Hi Shree,Make sure you have a business privilege license and get a tax account number before you apply for the rental license.

Is there anything we need to do for taxes?

Here's a PARTIAL list:Office rentComputers, printers & softwareInternet & phone billOffice furnitureOffice supplies: paper, postage, ink, etc.Office liability insuranceAuto expenses: monthly payment, insurance, gas, maintenance, registration/plate feesBroker license fees: annual, monthly board & MLS fees, continuing education fees, E&O insuranceEquipment: lockboxes, signs, etc.Business income tax preparation and paymentsStaff payroll & payroll taxes Time Tasks: answering phones, calling past due tenants, scheduling tours, taking marketing pics, processing those pics, writing ads, researching rent amounts, posting ads, explaining to owners how rent determined & showing where ad posted, opening & processing mail, posting payments, bank deposits, scanning documents & posting to owner & tenant portals, explaining accounting to owners so they understand their monthly statements, taking pics/videos of repairs, finding reputable handymen and contractors, confirming they're properly licensed & insured and tracking annually, verifying repairs done properly, processing invoices for utility bills, repairs, taxes, city inspections, scheduling periodic property evaluations/inspections with tenants that don't want strangers in their homes, explaining to owners why taking so long, and more & more & more...