@Nik S.You need to have a lawyer representing you on this one.

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I am not a lawyer.

Did you get a lawyer to write it up?

You could just open a personal account and credit card with a different bank, as long as you track the expenses and keep proper records, it’s all deductible but check with your accountant to make sure you are on side.In Canada, you can deduct whatever portion of the house you rent out, so if you rent out 4/5 of the room, you can basically  deduct 80% of the expenses.Again the tax legislation varies depending on your region so talk to an accountant or read up on the tax laws in your area.Make sure you rent the rooms out to people that are going to get along well with you and the other people in the house.Work with a lawyer to get a solid lease agreement done up in case you have issues with tenants and need to boot someone out.Create a set of “house rules” and get them to agree to them before they move in and include common courtesy things like minimal noise after 10pm, no parties, etc.

By converting a primary residence to a rental, you are potentially losing out on the capital gains deduction.

Also, do you have a contact for any lawyers or advisors that can help setup the syndication & advise us on why to set it up that way?

You will have negative cash flow... that doesn't make sense to keep it as a rental and get negative cash flow and then sell later on and potentially have to pay the capital gains tax. 

I see the potential in something like a BRRR in CA, but I don't currently have the flexibility to do something like that. 

Hi everyone, my company builds single family homes in SW Florida, I have had a few potential buyers reaching out to me regarding potentially submitting an offer and going under contract for different properties, while they are under construction.