I recognized there was risk.  

Additionally, as a co-owner, he would directly benefit from any appreciation, tax deductions, and profits from the property.On the downside, being on the loan could impact his credit score, especially if there are any missed payments or financial issues.

Real Estate Professional status is explicitly not recognized by California, among many other beneficial tax rules that exist on the Federal level.

You want to know of any & all problems before spending any additional funds on the property!

As part of my strategy, I would like to build an master bath/bed extension, with its own entrance, to the three bedroom, two bath home mentioned in a different post.A 20'x15' (could be smaller) structure that can acco...

Recognize if you are relying on non enforcement of rules, you are taking on a risk (investing is largely about calculated risks).Enforcement may vary by location but should not. 

The more people you meet the more you'll recognize the ones doing what you'd like to do and you can start learning to how to provide value to them / find them deals maybe.It's a tough market and unless you are providing value to an investor it's not going to be as easy as finding someone to shadow, i don't think.

I know in residential lending you can get a HELOC to borrow a down payment to buy another property. Does this exist in the commercial realm? Current value of paid off property is roughly 350k , looking to borrow 75k-1...

I would not be surprised if banks would not recognize them either.. maybe I dont know enough about insurance..

While the duplex was clearly worth $295,000, there was uncertainty about whether the appraiser would recognize its condition and justify the price.