Congratulations on your successes in the NFL, and if you ever decided to get involved in the Chicago market, feel free to reach out.

At the risk of being a tax practitioner on this thread correcting someone...you're actually supposed to report number of days the property was rented at fair market value on Schedule E.Software will examine the fair market rented (FMR) days and the relationship of the FMR days to the personal use days for treatment under Sec 280A (which involves personal use of rentals and properties rented less than 15 days).The tax treatment for a property available to rent 365 days during the tax year but rented 0 days is much different than a property rented at fair market rates for 365 days.

It sounds like it could be a good partnership... you do what you're good at, and find the deals, and he does what he's good at, taking care of the paperwork involved.

My father wants to put up half the money and be involved.

There were a small amount of negotiations around securing tenants in the downstairs apartment at the price they identified and cleaning up some odds and ends (asbestos abatement, fire safety items, etc.)

@Tatyana BaytlerYour biggerpockets profile suggests that you operate 2 different unique businesses that all involve real estate.

Read your state regs, - involve your area authorities (fire marshall, building inspectors and anyone at the state level of whichever arm of state govt manages Assisted Living/Nursing homes early and often in the design/build process - they have to be kept in the loop and part of the process to keep happy and so that your facility can be auth'd and up and running)Best of luck

I'm Cody Richard and I'm very excited to get more involved with Bigger Pockets and real estate investing. 

@Matthew Meizis usually the architect is involved before the GC. 

I'm all for submetering all other utilities, just too much support involved with internet.