We do not draw any income from the partnership outside of property management - 8% monthly per unit and one month rent for tenant placement.

Hi,I have done some longer live-in flips and was the buying agent on the current one.I am now going to be flipping (not live-in) as my main source of revenue and trying to figure out where to hang my license. 

By rich I mean they completed an application, paid the screening fee and we show that their income is sufficient to cover all of their own expenses plus pay for rent and any damages at the unit we are renting their child.

Typical rates are 8-12% of income either monthly or yearly depending on manager.

I understand that passive losses cannot reduce your taxable income and must be rolled over to be subtracted from future passive income, UNLESS you meet the special allowance that says you may deduct up to $25k in passive losses from taxable income if your modified AGI is less than $100k that year.

If you have equity, income and good credit, any lender will do this.

I’m gonna be totally honest with you, it’s extremely hard if not impossible to replace a full time 40 hour a week with rental income at least in the shorter, it’s the type of thing that helps you retire a little early and have a buffer in retirement, my grandmother has been in poor heath for years, those properties have allowed us to give her the best care possible, if you don’t already own a home and feel comfortable with your budget and the ability to live in that house for  at least a few years, I’d get started on that don’t even need to over complicate it, find a budget, find a house you like and can see yourself in at least for the medium term buy it. 

Is this a good place for rental Income properties 

I would focus on screening your tenants for background, credit, and income to try to avoid an eviction and excessive damage to your property to minimize your turnover expenses and vacancy loss.  

Not to say its impossible, just difficult and usually you have to source deals like that yourself.