We bought our twins a condo to live in while in college. One twin is listed on the mortgage with my husband and I as "joint tenants," although we pay all expenses. The twins also have two roommates who pay rent.

Question: When filing Schedule E, can we take all income/expense deductions or do we have to split it with our co-owner twin even though he doesn't help pay expenses?

Also, in order to take the tax deductions on our taxes, do we have to "rent" the condo at fair market value to our other twin, the one who is not on the mortgage? If so, does it have to be in check/paper form or is electronic transfer ok? And then his rent money is added to our income?

Is there anything else I'm missing?