Ha ha ha. Someone has been taking Real Estate Investment classes. Does this person realize everything they are giving up? The exclusion on capital gains, any homeowner tax credits that might apply Fed and State. Does their lender know, or is the mortgage still in their personal name? Does their insurer know? Are they renting out any spaces? Is this a residential property?

What are they trying to do? Is this a case of bad guidance?

Without more details or that there is a Business Reason for this, and that this is one person thinking they can pass the expenses to a business filing...

"If you're doing something convoluted specifically just to avoid personal taxes that you would otherwise owe, that's generally going to be seen as a tax scheme, and that's illegal. That's why it's not worth sitting around coming up with schemes like this."

https://paladinilaw.com/substance-over-form/#:~:text=The%20substance%20over%20form%20doctrine%20allo...