You raise interesting questions re IRS regulations of non-profit corporations such as my condo association, as well as Fair Housing laws. 

We are working on becoming investors ourselves and creating generational wealth for our family.

@Brian Johnson When you did your profit projections for this property did you project for maintenance cost?

If we took it and wholesaled it then any amount we got we be profit since we wouldn't be paying anything to get it.

Has anyone else noticed that it seems that the people who have the least understanding of money, investing, and profit and loss are bankers???

@David Ruiz You can decide to split the profits however you want.

The Property Management amount is a Guaranteed Payment and is reported on line 4 or line 14 of that specific partner's K-1 with a notation of "A" as the payment type.All other profits and losses for that partner (and any others) get reported on line 2.Do not 1099 the partner.

These  internet paid lead generation is a numbering game.

I am seeking a rental that will generate cash flow.

Have a plot of land that has a house on it, around 800k range, but would want to tear it down and build a new construction to make a few hundred K profit (as many do in this suburb).