@Jason XueContact @Steven Hamilton II, however, like all of us, he is swamped right now before the IRS deadline

I am hoping to meet some other operators to get a chance to hop on a call and pick their brain on the do's and don'ts of these types of properties. 

Theres also permit fees, I'd be happy to hop on a call, just let me know.

Check out IRS Publication 598.

With a quality provider, such plans also come bundled with meaningful consulting guidance to help you get the most out of the program while staying inside the IRS guidelines.A similar checkbook program is a Solo 401(k).

I am curious how others have done paperwork and split the profits fairly for accountant and IRS and the end of the year.

He intends to move into the home sometime in the future, at which point I'd have to hop off of the metaphorical gravy train, but he doesn't have any timeframe for when he intends to move back.

@Brian Gerlach Thank you, I am in learning path including Tax implications, but concur that  need to consult CPA to avoid screw it up,  specially with IRS..

Since IRS is based on guilty until proven innocent mentality, if I am audited, I would never be able to prove my write offs are ordinary and necessary to my business.

If my CPA is still around, my guess is he'll say just do the split 50/50, the IRS is not going to go back 30 years and see how you depreciated and split expenses, so 50% owner occupied it is.