Thanks for yyour reply!
Some additional information: I have run this rental for 18 years for my father who was a part owner with me. My "payment" was an agreement of increased equity upon his death (Jan 1, 2024), where I would inherit a larger portion with my two sisters (the two other current "owners") inheriting the rest. At the time he needed the income. I did not. So this arrangement seemed to work best for us both. My sisters are not interested in carrying forward this arrangement... nor am I. We never had to form a partnership... and this was with our taxes being done by a CPA tax accountant for 14 of those 18 years. So I'm not worried about having to formalize a partnership... unless we'd need to do so in order to have a formal PMA.
