Your partner may be able to trick TurboTax into "allowing" a loss by manipulating some checkboxes, but it will be against the tax rules.You have a tough dilemma.

BRRRR is tough right now.  

@Errol Graham you're in a tough position - too small for better software systems, but getting too big for spreadsheets.Stessa may be a decent option, as you should be able to track your accounting so you don't miss something or double enter a bill.Depending on the cost of QuickBooks, you may want to look into Buildium.

Thats a low LTV but without knowing or seeing the PFS, Returns and previous P&L its tough but if strong 65% even higher should be workable.  

Flipping it tough right now unless you can buy the property direct from the Seller and (hate to say it) lowball them.

I totally understand the challenges with deal flow, especially in a tough market.

It's going to be tough for me to go for something in the 70k range.

I just need to give them the tough news about how much I need to increase prices and deal with potentially some leaving.

Auctions can be tough.

You can use any reasonable method to prove your participation in an activity for the year.