Thank you for your response. It's an LLC is all I'm told.

1) I could either include in their personal return or prepare separately 1065. Any advantage to either?

2) What depreciation do I choose if purpose is either rental or commercial. 27.5 or 39 yrs?

3) In 2021 all that was done is the purchase and renovations, no business yet. Do I wait till 2022 to report anything.