Cash flow with not tax liability

[Frank W Lentine]

Just had an offer accepted on a 4 plex in Phoenix, AZ.  I work full time for a W-2.  Using the rental property worksheet this property has some good cash flow.  How do I get that cash without paying any income tax? Or, paying very little as I pay enough through my W-2. 

[Victor N.]

@Frank W Lentine it depends on how you jold title to the property. If it is in your name or in the name of a one member LLC, you would use Schedule E on your personal 1040. If it is owned by a partnership or multimember LLC taxed as a partnership, you will file a 1065 with an 8825 for the rental. A corporation uses an 1120 or 1120S