Just starting out - question about taxes and depreciation
My dad and I are partnering up to buy some rentals. He already owns 2 small SFRs and a 4-unit apartment. We found a bundle of 6 SFR and are currently under contract. We are both contributing 50% of the down payment. We were originally both going to be on the loan, but decided it might be best to only have one of our names on the mortgage so that we don't reach our 10 mortgage limit as fast. After purchasing, we are planning to transfer the property into an LLC and have divided up what each of our responsibilities will be. We plan to split any profits or loss 50/50.
My questions:
1. I'm assuming only the person whose name is on the mortgage will be able to deduct the interest on their taxes. I currently take the standard deduction and my father itemizes; so would it be better if the mortgage was in his name?
2. We're both able to benefit from the depreciation equally, correct?
3. I feel like I had another question, but I can't remember now. Anything else I need to consider? We have a partnership agreement in place with all sorts of worst-case-scenario clauses and what we'll do.
Thank you!!