The key is ensuring you are contributing more hours than anyone else involved.

He has been alongside me on the other deals so I’d like to give him equity/skin in the game and I don’t know how else to do itQuote from @Basit Siddiqi: Getting a property with a partner / friend will not help you from getting hosed on taxes.I wouldn't move forward - You mentioned beng a high income earner so your hourly rate is very high.

Managing self-employment income requires tracking eligible deductions like business expenses, home office use, and retirement contributions.

So if you are high a income earner and need more tax deductions, a real estate professional will help.

Many of my clients are high W2 earners who are taking advantage of the "STR loophole." 

My family consists of my wife and three kids, and I’m currently the sole earner.

The deduction is optimized as values increase and can potentially offset the entire net investment (including down payment) for high wage earners.

Additionally, high-income earners with modified adjusted gross income (MAGI) over $250,000 (married filing jointly) may be subject to the 3.8% Net Investment Income Tax (NIIT).For 2025, bonus depreciation is at 40%, so consider leveraging it for eligible property assets like appliances or fixtures to accelerate deductions.

For example: We provide tax preparation and advisory services to people who invest in commercial (including multifamily) real estate, and high w2 earners investing in short-term rentals.

The cost of housing in CA contributes to some of the homeless population, many working people are only a few missed paychecks away from losing their current residence.