Some investors are idiots plain and simple.

I am using TurboTax.Do I:- refer to the original depreciation schedule and pick up at the level of depreciation that correctly accounts for the years it was a personal residence (even though I didn't claim depreciation in those years)?

Your CPA and attorney should be both on the same page3. make your first investment simple and easy and dont complicate it.I dont think you are quite ready to do anything until you get some one on one advice from some local experts.

Picked up 3 more A/B Class properties today to sell to our turnkey clients soon.We don't sell the C/D junk like many folks do in Cleveland, Columbus, (and everywhere)....and, therefore, we don't have fake CAP rates that are cute at 13 and instantly disappear when the first D class tenant trashes the place costing $11K to rehab. 

Pick you battles....... is it worth the hassle over letting them walk 3 months early?

Let’s pick a place and get this going!

Check the numbers and not only what you can sell it for, see what she owes to other people or lenders on this project and how much money needed to complete the rehab so you don't end picking up the pieces of this deal.

If you have just one partner putting up the down payment and closing costs, I would try and keep things very simple with a straight equity split.

Or just use your own SSN and keep it simple? 

Its kinda simple math to decide the best approach.