Or should they get to live at reduced rent at YOUR house?

I want to expand my network to include those with off market listings to reduce some of the competition.

I have only done one investment deal done so you should  take my answer by that eventhough I am 60 years old and the bulk of my experience is in the construction business but I did hold a real estate broker license that stayed active for about 30 years and I never used that full time.

Depreciation tends to eat up the bulk of my rental income.

If your goal is to reduce that self-employment tax to a minimum, an S Corporation is the best entity to use.

Depending on flood zone and a number of other issues vents can also significantly help reduce flood insurance premiums due to the amount they help mitigate flood risk.

I think I will just go ahead and attack my debt full-force so that I can begin on reducing my school loans as soon as possible and begin investment savings sooner.

Track all of the income and expenses in report form that you can view regularly with a couple of others that can or has built up trust in and understand your goals to help you possibly reduce your expenses or increase your income on any property that you own.Between personal and business issues that I could give y'all I am going to stop now and tell you more later if given the chance.  

Sounds like you have the bulk of the risk and your partner just brings his license to the table.

Go to Zillow and search for rentals, see whats currently listed, look at how long they have been listed, has the price been reduced over that time, etc.