If you are purchasing the property within a partnership...then the partnership defines what % of ownership the partners have.  

Let me define (big picture high level) - numbers for illustration only they neglect closing costs of sale and pref payment paid investors during the hold).Your share of the GP is calculated on what you do and what you bring in terms of capital.

However, you should explore whether any exceptions apply to your case, such as unforeseen circumstances.Unforeseen circumstances, as defined by the IRS, might include changes in employment, health issues, or other unforeseen events.

Are their reports considered quality reports as defined by the IRS?

Primary Home, Second Home, and Investment Property are all defined differently.  

I'm glad to know there's a defined line for what's acceptable when renting to family (though my daughter's boyfriend isn't family... yet 🙃).  80% of $1,600 is $1,264 which is less than the $1,350 I am charging them (I stated $1,300 previously but remembered it's actually $1,350).Honestly, this year, repairs and maintenance are very minor, but all of this information is good to know going forward.

The 1.469-5T(b)(iii) tax code that defines the material participation tests uses the word "individual". 

But most of us don't have the million dollars in cash so it doesn't matter.Same with the "amortization" returns which are better defined as principal paydown. 

Split 80% to property manager & 20% to firm for new tenant lease fee2) Flat monthly fee paid to firm - the rest the property manager keeps3) 70-90% of all fees to property manager depending on how much work & setup the property manager is doing.Advice Received:1) Have agreement looked over by lawyer.2) Decide upfront to revisit agreement after 1 year.3) Define what help I would be providing to other agents in the office or the office as a whole.

You may use this information to make well-informed conclusions regarding the viability of home hacking in the region.Exit Strategy: Make sure your plan of action is well-defined.