In reading all of your posts, I'm seeing it's a lot more involved than just simply, "should I form an LLC or not?".

If I were you, I would write down all the monetary outlays and the potential work that will be involved in acquiring/rehabbing (if needed)/managing the property and realistically how much time and energy each partner is willing and able to put into the project, and then sit down and have a discussion about how even or lop-sided this deal is for each party.

I try to apply those same principles in deals I'm wholesaling.

When the allure of owning real estate wears off, they start to realize that, but their exit strategy will most likely involve losing money unless we're still in this passive cash flow investing mania we are in.

That is IF you applied it correctly.

We've had a really hard time getting our accountant to get back to us on questions (arg- probably need to switch to someone in Oklahoma City with better knowledge on real estate tax code) because I'm definitely wanting more clarification on logging hours and what applies.

Hello Everyone,I am 21 years old from Philadelphia PA, I am really looking to get involved in real estate.

She has no involvement in financing so in the eyes of the bank, she's never had a mortgage. 

And IRS rules say that as such personal you can’t be part of ANY transaction your IRA is involved with, DIRECTLY or INDIRECTLY.

We are currently breaking even on the property before depreciation expense (we are holding on to the property b/c it's in an area where the appreciation is high), can the "unused" depreciation expense be carryover as PAL to be applied against capital gain when we sell the unit later on?