@theDoc . ah, my error in misunderstanding the situation.
So what I understand from your reply is that
(a) the property is owned by all three of you
(b) Only the mortgage is in your name .
So for your Schedule-E ( because there is no entity level filing )
(a) going by default / equal ownership ( unless the deed calls out a different ownership percentage ), you can only allocate 1/3 of Rental income, Expenses, Depreciation etc. but 100% of the mortgage interest ( since ONLY you pay this item).
OR
(b) there are other ways to do this -- i.e. how to allocate the income and taxes amongst the partners. But this can only be done based on longer term goals. For example how to allocate the depreciation benefits amongst the partners and what happens when the property is disposed off.
So I still maintain, you should seriously consider having a discussion with an attorney before you lock yourself into a path ( especially depreciation benefit and recovery / capital gain at disposal ).
IMHO
pk
