Thanks Filter Criteria- Looking at stable rental income and cash flow positive properties, even if the appreciation gain is not that much. 

It breaks even with a loan of like 100k-ish.

The property is listed for $305,000 and he conceded an additional $15k down to $290k without me even saying anything.

Real estate continues to be high where I am located and when I calculate the mortgage payment with 20% - 25% down, it only breaks even with the rent I could collect. 

I haven't been served, didn't go to court, didn't even know what this was because it was a foreclosed property that had a s3cond on it from 2005.

I put 35% down on my last property to get to break even.

I will always use Turbo Tenant to fill my vacancies, you can even turn an applicant into a tenant right there in the portal, so easy.

Even with this carve out available, it does plainly state that a taxpayer does still have the option to go back and amend the prior year return - so both answers can be correct.I would have your CPA/EA review your situation and the related Revenue Procedure to verify you are under this section, which would allow filing of the 3115 instead of amending the prior year return. 

@Stephen BruceI am not sure you even need a JV agreement, an operating agreement will work just fine.

In my mind and experience, it even strengthens your application and chances of getting good financing options.How much you will need to come up with will depend on the type of financing. 1.