http://www.state.nj.us/treasury/taxation/pdf/ttdv1.pdfI was just looking over the ATTD form in advance to figure out how to fill it out once my house is sold.

MONETARY DISTRIBUTIONSI plan on distributing either monthly or quarterly payments to the PML and me, after CapEx, taxes, payments, etc. 

My question to you is... how do you recommend me to structure/plan my relationship with my money partner to create a proper balance between asset protection, taxation, complexity and financing?

Chicago property tax has gone up this year and will continue to increase in the next 5 years.Based on the calculation from the cook county assessor website, my new property tax at 550k value will be $14k compared to $8k I'm currently paying.http://www.cookcountyassessor.com/Resources/Reside...Does it make sense to refi?

They say he has kept up with the rent thus far.He really wants to rent my unit and has offered to pay four months in advance, with subsequent quarterly payments made in advance.Is this a definite no, or would it be worth signing with someone like this if the terms are attractive?

In the next year or two as we build up capital and capital partners we'll probably start on at least taking the W-2 we pay ourselves out in monthly/quarterly intervals. 

The rental income is something that comes in quarterly and is tangible sooner.

During the - Houston for example is a market that we were down during the quarter about 15% in rates we will probably take those down a lot more.

We want to legally ensure that we are protected if in fact the tenant does use the garage as a bedroom, and if something were to occur (i.e. fire, carbon monoxide issue, etc).What would be the best way to inform the tenant that the garage is not to be used as a bedroom due to improper egress and fire risks, while maintaining protection if they do continue to keep as a bedroom behind our backs (i.e. if they state it is simply the storage of a bed and not being used as sleeping quarters... as there is really no way that we can prove otherwise as we are not there at night obviously).Thanks in advance!

You will have capital gains tax at the federal level of 0-20% most likelyAnd depreciation recapture at 25%Additionally, California taxes the gain at your ordinary income rate.