The Owner member will directly report the income via Sch E in the personal return. 

In an ideal situation I would add an additional partner that would focus almost exclusively on locating another owned rehab opportunity and to relieve lease up or financing issues from yourselves. 

Gather up your transcripts, diploma, 3 years tax returns & W-2's (if you have that many), 1 month of your pay stubs ( if it's direct deposit they still send you something) & 2 months of your bank statements and find a good lender to get you approved through FHA.

View report*This link comes directly from our calculators, based on information input by the member who posted.

The flow direction on that faucet is now in instead of out. 

Not just from your buyer side of the transaction.If you're only doing one transaction, it's probably not worth getting an EIN.You can have the check made out directly to your name, you just have to remember to deal with it during tax time.If you plan on doing more of these and other transactions, then it might be worth getting into a DBA and/or EIN.I go through this all the time when I sign up with vendors to do BPOs.

View report*This link comes directly from our calculators, based on information input by the member who posted.

None of us want to see a fellow investor get hurt by a let's just say less than ideal investment. 

Tyler, after Lehman you need both a 750+ FICO AND a 80+ PayDex which will require a EIN/DUNS maybe reporting vendors/suppliers or you can go directly into business credit cards if you have a good FICO and then credit lines/loans after those are reporting.

View report*This link comes directly from our calculators, based on information input by the member who posted.