If they  reached the level of noise where it where it would be a neighborhood problem  (e.g. were throwing parties every weekend) I would tell the complaining tenant to call the cops and would try to get the partying tenant out on a lease violation. 

For 2020 forward, the form is actually 1099-NEC.File if you make payments of $600 or more for services, in the course of a trade or business, to independent contractors in any combination of cash, check, e-check, and certain third party payment platforms.Payments to a corporate tax entity -- C or S -- generally do not require a 1099, unless the payment is for legal services.Most rental owners who employ PMs shouldn't be issuing a lot of 1099s. 

I went to AA for grad school, and have been in that house for a few parties! 

I think in general these type of non-conforming units are better used for house hackers who have the opportunity to develop a closer relationship with their renters than somebody who is buying an investment property that will be managed by a third party.

Namely, when using a 3rd party property management company, do I need to account for the tenant security deposit on *my* balance sheet?

If I am a newbie, what would give the owner the security of knowing the transaction would be beneficial for both parties?

As much as I'm all about FIRE (or at least the FI part), I do not believe that I can contribute 100% pre-tax and ultimately convert at 0% over time based on my individual situation (my buddy on the other hand who is planning to do this is in a different situation and it's POSSIBLE, but in my opinion not PROBABLE long term).  

Hey Sam, you would have to research and determine yourself, I can't say yes or no as to it's use in a building where part is occupied and part is not

@Tesho AkindeleTo name a fewA) Responsibilities of each partnerB) economic split of each partnerC) How long will the partnership last forD) Party that is responsible for communicating with IRS if there ever is a tax issueE) What happens if one of the partner diesF) etcJust a heads up that a partnership requires a separate tax return filing(partnership return) which is normally due March 15 of every year for calendar year filers. 

As a sole proprietor, your tax ID is your SSN.If you prefer to not give your SSN to third parties, you can apply for a sole proprietor EIN.