@Alicia JohnsonThe answer is maybe, as you probably expected.As far as how hard it would be to prove - remember that the IRS requires a detailed time log, created as you go (as opposed to reconstruction during the audit).

What I wrote above does not create an attorney/client relationship between us.

Never use leverage to create a bigger portfolio that gets you more equity and profit?

I decided to switch back to Google Sheets simply because Airtable falls short when it comes to complex features.Google also just bought this platform called AppSheet, which just base off your Google Sheet and creates cross-platform apps so you can get all that fancy features from AirTable without having to leave the Google ecosystem.

My realtor told me that this is kind of unique, so it is not really the norm here in Omaha.

I'm talking about creating a partnership with my sweetheart.

I have a home daycare, which has really unique rules and makes personal/business deductions a little trickier, but thank you so much for clarifying how this impacts rental properties.

@Michelle Na ,Looks like you know what you are talking about.If you are breaking even before the depreciation, the depreciation expense would create a net rental loss that can be deducted each year if your AGI is below 100k.

It would be worth the $100-200 for a half hour/hour of an attorney's time to ensure you are following the laws and create a plan going forward. 

(At least at first)My initial plan was to create an LLC that outlines the terms of the equity structureOur goal/hope is to continue to acquire properties together over the coming years, but I will most likely be putting in more capital over timeDoes this seem like a reasonable approach to take?