We aim to balance thoroughness with fairness to ensure compliance.

A CPA can ensure proper filing of rental income on Schedule E and help identify tax-saving strategies, such as optimizing deductions for maintenance, repairs, and travel.

If you go that route, ensure to use a Qualified Intermediary to handle the sale/purchase otherwise there will be no 1031 exchange. 

However, I’m new to navigating such a situation, and I’m looking for guidance on:Collaborating with neighboring property owners to reduce costs and share resources.Structuring deals involving land contributions and joint development efforts.Attracting capital partners for projects like this.I think this could turn into a win-win for everyone involved, but I want to ensure it’s planned and structured correctly.

Including a self-canceling clause in the note ensures the balance is forgiven upon the parent’s death.

Most software will let you put joint.

Keep track of 3 buckets.1) Owner occupied portion - potential deductions for schedule A2) Tenant occupied portion - potential deductions for schedule E3) Jointly occupied portion - likely prorated for both schedules.There are nuances to this, so I recommend looking for a tax pro who can coach you on this. 

This ensures the landlord is notified any time the policy is changed, canceled, or renewed, making it easier to track without relying on the tenant.The difficult part is enforcement.

I would get an attorney or title company involved to create your loan documents to ensure they comply with the law and cover all the aspects you need.Another method that is likely your best bet to take on investors is to create a joint venture (JV).

The house is registered with my name and my younger brother’s name as joint tenant.