No deduction for expenses for you.

I want him to do well and he’s agre d to share the income/ expense numbers with me.

From those one looked fairly good, well managed on the upswing as a new owner had come in and started remodeling and kicking bad tenants out. 24 unit complexList 565,000Purchase Price 535,000Gross Rent:138,000Less Vacancy(10%) 13,830Operating Income 124,470Property Tax 8,837Insurance: 6,900Management(6% after vacancy): 7,468Maintenance(6%): 8,298CapEx(6%): 8,298Water: 8,400Waste: 2,700Electric: 8,400(laundry room, hot water heaters, security camera's)Cleaning(unit turnover): 1,800Landscaping: 600Operating Expenses : 60,301Net Operating : 64,169Loan Payments(100% financing): 42,369Cashflow:21,80024 units - 16 2bedroom and 8 - 1 bedroom lofts.

Couple of options perhaps1) Look elsewhere where you have boots on the ground in cash-flowing markets 2) Pursue off market deals - takes a lot of time and knowledge though, you sound like a busy professional3) Live-in house hack - that's if you were staying longer though, if you're forced to move and your rent doesn't cover expenses and the cycle ends, you're stuck

I need to know how much percentage of my 401k would be best as down payments and how much I need to reserve for upcoming expenses to break evendors when needed.

My question is about the loan or mortgage - when people go into an agreement like this (assume they are splitting all costs equally), do both people obtain a mortgage for 50% of the property, or does one person get the loan in their name for the full amount and then just receives payment from the other party for all expenses, etc?

If you used the refinance proceeds to buy a new car and pay for a trip to Disney World, then the mortgage interest is a non-deductible personal expense.

The Feds still recognize my rental as a Zone X so the policy will be less expensive this year (prior to the Feds reflecting the change).  

Cost of living is extremely inexpensive, but I am from LI so anywhere else is less expensive , lol 

I'm trying to set up my expenses in QB and Expenify and I've been back and fourth on a couple of categories.