Rental income is passive and goes on a schedule E. 

Tenants are more likely to give proper notice because they are not stuck in a long term lease after first year. 

So my question is, when filing my taxes this year, can we all claim 1/3 or the mortgage interest as an expense on the Schedule E form? 

Im looking to buy a triplex funded by the FHA loan for first-ti e home buyers.

I am looking to inject (contribute) some money into one of my LLC to finance some new acquisition this year.I am refinancing my home (that is under my own name) and will use the cash out as contribution into the LLC.It is my understanding that while you can't deduct new mortgage or refi anymore on your personal home, you can still deduct all its costs when it is used for investment (by deducting from the investment income/gain).What would be the proper way to document this transaction in addition to the schedule recording the contribution in the LLC book?

If you don't do this properly, and you have an uncooperative tenant, you could dig yourself a hole quickly,It's been my experience that cash for keys is very effective.

My goal for Q1 2019 is to create the proper organizational structures to put these assets such that we are not exposing each other to unnecessary risk from a liability and tax standpoint.

Agree with both @Lynnette E. and @Nathan G. 

What would you consider a fair price to setup an LLC properly? 

He send me back a countersigned copy with the seller’s name on the agreement 20 minutes later (e-signatures are legal).