BP has lease templates for every state which are good, I personally use one from eforms.

The reason being is this Person i never had a lease with or rental agreement comes and goes from the property and is NOT living in it..

I thought James was a respectable no-nonsense person?

I follow some real estate investors and want to put some of the strategies I learned into play.A little bit about me: I came to the U.S. in 2019 to study electrical engineering and always tried to learn how to better manage my personal finances.

So personable and he was transparent about every detail we spoke about. 

You definitely want to get with a competent tax advisor for personalized advice.

Best to talk the tax issue over with a CPA but the loss will be reflected in the K-1's and can offset gains in other deals, provided they both flow through to the same entity (or you personally).

(Our personal State Farm Agent recommended them and so far its worked out well) We are in Indiana. 

Does it matter if I keep the rents in my personal accounts?

I will say, in my personal opinion, flips are much more risky.