The management fees have carried my company and actually can be a marektable entity to larger brokerages.

I know we need to file a 1065 and K1's to all 4 partners and that we can only claim the portion of our expenses based on the rental use %...but can we only claim expenses up to the rental income we made and then carry the rest over to a future year?

Peter,Here is what a friend of mine did in Illinois in regards of this matter.It is usually in your best interest to have a Manager Managed LLC, that way the company carries with all responsibility.

The SPOA states a sale price at or above the amount due the seller, the time frame the power is granted, the legal description of the property and the power to adverstise, list and do all other things usual and customary to carry out the duties and it needs to referrence your contract.

We did a lease back to cover our carrying costs.

I almost never have repairs on my condos, I get great cash flow, and I get really good renters.That all being said condos do carry unique risks.  

"Mentor", or "coach" , does sometimes carry a negative connotation but I think you have to have a trusted expert that you can talk to, and learn from.

As an investor, there isn't any financing available except hard money, seller carry back terms, or buying discounted notes.

I just carry 1st against my properties and make all my rental money TAX FREE.

Operating as a business carries more exposure than a simple homeowner and should be considered imo.