Secondly I maximize my retirement accounts because those can't be taken from me. 

You will need to account for the vacancy (1/12 month 8.33%), repairs (these are short-term items and it sounds like you have already done some of the work yourself - assume 5% of rental rate $130), property management (assume 10% $260), cap x (assume 5% - $130). 

The two boys have never replied to any of my emails but she's been on top of replying and set up the account to pay the monthly rent automatically.

My wife has a 401k account from her previous job, we are in the period to make a decision.

You're earning money as you learn.After you refer (or "broker' or whatever you want to call it) X number of note transactions, after some time you become well-versed enough in the business whereby you can invest in your first note for your own account (using the proceeds you've amassed from your referrals) that you can then comfortably put up some of your own money to build your own note portfolio.If you want some pointers as to how I'd suggest you start, you can PM me.

There is nothing you can put in your spreadsheet to account for that in any reasonably accurate way.There's a reason the locals aren't all over this deal, unless you are unusually lucky.

I suggest: talk to a/your Tax Accountant before deciding.

I have a home in Anaheim ca. near Disneyland, and ive been hearing about I can possible make100,000 annually with airbnb Is this true ?

Account Closed If you're looking to bring in a money partner to your deal, there're several ways to structure it if you intend to have this partner temporary.

If you're parents are going go receive any money from that then they will have to take depreciation then on that property and it will appear on their schedule E as well (upon sale they have to recapture any depreciation they took or could have taken so watch out for that).If you go further the route @Corby Goade suggests with a deeding you'll want your accountant to advise on gift tax consequences or use of the one time limitation.