I heard about this method after listening to Rod Khleif's podcast episode # 209.

But all in all, i'd have to agree with @John Underwood and get it done correctly, even if you have to work out a payment plan with the plumber/vendor.

Account ClosedIf you and your colleagues have a tenants in common agreement in place and you and your colleagues own the property in both of your names - you and your colleague should be entitled to report each person's share of income and expenses on your individual tax return instead of filing a form 1065.There are some benefits with this method such as not having to file a partnership return which can cost $$Furthermore - you don't have to wait for the partnership return to be completed before you can complete your individual return.The only possible downside is that you may have to calculate depreciation separately.$1600 a year for a partnership return - I hope that didn't wipe out all your cash-flow!

The bigger thing for you will be to make sure you are established correctly before you buy anything in the US.

Our Property Management Team has taken the correct steps to make sure your property was repaired from previous tenant damages and marketed immediately in search for a new tenant.

Is there some sort of limition on this method?

I need homeowners insurance, insurance to over my rental and umbrella policy (to cover me) for both of those if I’m correct?

I think you are referring to "cash for keys," be it through a formal rent control method,  or through ad hoc agreements with the tenants (cash and free rent for "x" period of time, etc..).

Hey James, to clarify you weren’t asking how to Brrrr, but rather can it be done in the Utah market, correct?

@Anthony Bright - The answer provided by @Harjeet Bhatti is only partially correct.