Why would you want to file a partnership return instead of reporting it as is where it is owned as tenants in common.If you file a partnership return and have someone else do it, you are likely looking at a $700 annual cost.Reporting it as tenants in common means you report your share of the rental on your individual return and your partner reports his share on his individual return.

I am just starting out here in South Carolina looking to network meet a community of like-minded individuals.  

The other contributing factor was the poor property management and sponsor asset management of the properties.

There's always gonna be poor people and those poor people are always gonna need a place to live.

Consult someone who actually knows what they are talking about/does this for a living, but most of your tax savings are only going to offset the earnings of the partnership rather than one of you individually.

There's obviously quite a bit of diligence that comes after such as who the key principles are and their credentials/track record (both balance sheet and experience), the underlying real estate and thesis behind the investment & tax prep and audit procedures but as a general rule of thumb if the investor can't get past the first part which is understanding what they are investing in, passive investing is probably not for that individual. 

It was an up front payment to receive the modeled layout of the home, and they had an individual go to the house to do the mock ups.

And thus, intelligent persons knowing this, they have no interest dealing with a low quality, poor performance, "wholesaler".

God Bless the poor souls that have to make these calls.

I've been in real estate for the past 7 years, and I got my start like so many other investors through reading Rich Dad, Poor Dad.