@Rhett Tullis Exactly! That area has really exploded in the last couple of years. 10-15 years ago, I wouldn't have considered it - now I love it.
@Doug Spence - 1)We had a formal JV agreement drawn up by a local (knowledgeable in real estate) lawyer that I work with a lot. We were 50-50 in equity in an LLC, but I have been managing the remodel and I will manage the tenant, so I get paid outside of the 50-50 split a flat fee to manage. We also wrote in some things to the agreement: each year we would consider selling (if either partner wanted to sell - we sell; or if we mutually agree to hold - we hold for another year); we have succession/plan set up should anything happen to either party (my husband and I own an LLC that owns 50% of our JV LLC so that's not an issue, but our partner owns 50% of the JV LLC in his name); things like that are spelled out in case of the worst.
2) Mortgage is $1900/month (20 yr amort.) apartment rent $1000 and shooting for $2000-2400 house rent depending on the type of tenant we get (there's a possibility we will house either a family, or rent by the room b/c we are only about a block from OU med center, so whichever happens first!). We should probably do a mid-term rental for best return with the location, but will probably just push the easy button and LTR it.
3) We primarily buy our own deals; this one was a bit of an anomaly. Our partner is someone I have helped sell/buy a few deals for so I knew how he did business on both sides of deals (with integrity), and he asked if we would want to do this b/c he wasn't able to fully run it w/his crazy schedule. I usually don't look for partners b/c it just complicates things, but if a good deal was presented I would look at it. My husband is a retiring from Active duty in a few days so it will also depend on how we are feeling after that!!
