Hey Andrew - I am not a tax or legal expert, but on similar deals I've done to this I set up an LLC under me and my partners names with a clear operating agreement and who is entitled to what profits.

Don’t go with battery operated Security Cameras for your smart home setup.

Another possibility is renting it to a business venture that will run a stable operation.

It hasn’t been operational for many years.

I’m going to just be a money partner rather than operating partner.

This will provide similar protection without the operational hassle's of an LLC.

Thanks,It looks like a nice cash flow type rental.Too bad it's operated so loosely.I suppose he will have to fix the electric now that it's become public.Old cloth covered arcing wire = a potential fire.I would not be surprised if he gets a ton of offers to buy the place now.A little more curb appeal and it would be a very "cute home".Just my 2 cents. 

I've gotten to the point where I think it's best to have someone else handle the tax side of things - we are starting to get a little complicated, and will only get worse from here on out lol.I've previously taken care of everything myself when it was only 1 or 2 doors, operating as a sole prop, but now I have enough properties and have been doing a decent amount of reno/rehab to warrant 1099s going out and all that jazz - I figured it was time to find someone well versed who can handle such things instead.Any recomendations folks?

It's not terribly difficult to pierce the corporate veil, if you don't operate in a very consistent professional and totally separated from your personal finances manner.

As long as you are the operator, the syndication attorney you use would largely be the same as a fund attorney since he will be under the 1933 SEC Act for both.