I don't reside in  Florida(but visit often) so I'd need the assistance of   a credible realtor or  savy investor to iron out the details . 

I picked up one or 2 nice items that I added. 

Additionally, I would add that you should use “classes” for your QB accounting which allows you to assign a class to each property and a class for itemized expenses within each property.

@John Leavelle Thank you for the detailed response and insights, people like you are what make BP great. 

Where can I find a detailed economic information and job. trends in specific sub-markets in Texas?

You know how lawsuit happy people here are so I wouldn't go a day beyond that limit.As far as documentation...the short answer is - you need to provide the tenant an itemized receipt of what you deducted and why.

 @Zackary C Dunn  First and foremost, you'll need the following:1. 1,000 ft of beach line2.  3 sky hooks3.  1 pric E-7Once you have these items, hurry up and hump out to LZ Albatross and wait!

Thank you Greg and Derek, it looks like they are moving their larger items out now.  

Thank you all for your detailed responses.

Take a look at an operating agreement from an LLC (you can find in the files on here) that spells out these things in detail.