If your business is a multi-member LLC, you should receive a Schedule K-1 reporting your share of the profit.Step 2Report passive income on Schedule E.

Forget all the "illegal" assignments and everything else you hear about, it's mostly propaganda crap, promoted by people with Their own agenda, or just ignorance of the law.  

@Bob E. thanks for the advice.  

@Stanley E., I understand your trepidation. 

As a free member, I'm not supposed to use this forum to promote myself.  

Hi @James E.

I'll e sure to add a few more key words

.: $16,450Marketing/Promotion: $1,431Trash: $1,961Supplies: $1,579Water Testing: $3,177Misc: $350Total Expenses: $53,370NOI: $53,555Cap Rate: ~ 7.5%Cash on Cash: ~12% (based on 20% down and 30 year am at 5% - still finalizing loan terms so subject to change)DSCR: 1.46x50% Rule ($/unit/mo): $117.171% Rule: 1.31%GRM: 6.36Debt Yield: 9.55% (based on 20% down)Property is in overall good condition but could use some upgrading. 

After the year is done you'll have to use Schedule E to calculate your income.

Hi Leslie,I will send you and e-mail shortly regarding your questions.