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.

They wanted security cameras throughout and then sub-contract the management to a Third Party Agent!

However, in certain circumstances your MIL is a related party to you.

I always try to think this thru as not what I would do, but what would a judge or jury think if hearing the facts from both parties....how would they decide.

Make sure you don’t confuse that with Tax CERT, which is just explaining how much of the RE tax is due and how much each party owes of the proration.