I would talk with your accountant now Work with them to establish the business/personal use of the property now...so that as your tracking through the year the numbers are fairly well reflective to what you'll see at tax time. 

Another aspect is the terms of the loan and being able to place a low down payment on a commercial property with a fair interest rate. 6% might not be so bad with in the next few years. 

I am just a year older than you and have my fair share of tough stories.

This model is scaleable and can help increase net worth fairly quickly.

Technical default examples: not maintaining insurance on the property, delinquent property taxes, or maintaining a certain occupancy in a multi-family property.

The houses there are very well maintained. 

I'm trying to figure out a fair way to split deals with my son.  

We have had a plumbing issue due to tree roots but my cousin is a plumber and I use him to maintain it and also use root x.

Rent is $1,000 per month, there is no mortgage, taxes $3,500 with the tenants paying all the utilities so the cash flow is very solid and it will be fairly easy to rent in our hot market.

Ya I was going to say this is right up there with tax evation and other ways to screw the govmit.. dont' get caught no big deal get caught and you will probably wish you had not.. plus its just not fair to the investing public..