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This is an incredible platform with numerous resources.Congrats on getting your real estate license!

For tax purposes, both investors would simply report 1/2 of all income and expenses on their respective Schedule E.

Before you've owned it long enough to appear on tax returns, an investor friendly lender will just do [ rent * 75% - PITI ].Once it appears on tax returns, if you need/want to exclude the one-time rehab expenses, put it on line 19 of schedule e with the comment "see statement X," and then statement X in extreme detail lists all the repair and rehab work you did, and furthermore you can provide me with every single receipt/invoice, exactly matching the line 19 number, exactly down to the penny (so, it's best just to make each invoice/receipt be a line-item on statement X... if Contractor John gives you 5 invoices throughout the project, show me 5 line-items).Only one-time repairs/rehab can be discounted from the mortgage DTI math.

The flip side of this is you just hold them in your LLC (w/o filing partnership return) and let them all flow down to your personal tax return (usually your schedule E).  

I mention this because if that $1,000 less is box E, F, and G stuff, that just means the other lender is quoting unrealistically low to 'earn' your business, and the Tax Man's going to come after you for the shortfall one way or another later on.

While you can hire your own Lawyers the platforms have standard Documents and files for you.

So Rochester NY have areas where one block could be D,E class neighborhood and like 3 or 5 blocks down its A,B,C neighborhood.

If you don't find somebody, many property management software platforms will help you list your property on all the listing sites (zillow, apartments, rent.com, etc).You can also handle the screening yourself if you want.