Took him 1.5 years to close on a property.If you are looking for a fixer-upper it is somewhat common to get a price reduction. 

It's common for Bay Area people to have a big wad of 1031 cash from selling a single family that they'll readily over pay for a small apartment in Sac just to not have to pay taxes on their previous sale.

I am told we most likely want a Tennants In Common agreement where we equally share 50 percent and all of our individual terms will be written into a separate legal contract.

Things like get HVAC units serviced, check all the plumbing for running toilets or dripping sinks, add CFL bulbs to common areas, etc.What might be safe is to invest $200k, then save $40k.

Any change from the last landlord to you (how to pay rent, when to pay rent, utility costs, etc...) usually end up as a conversation or attempted negotiation rather than the rules of the building. 

These include loan payments, taxes, insurance, utilities, lawn care, and any other costs that occur during the Rehab period up until the property is fully rented. 

He would then report the information on his tax return.You can each provide the other with guidance and support - but joining together may make things more difficult especially if you are holding title in your own names.An alternative is to be on the title together and do a tenants in common.

That said, most real estate professionals will give you their own opinion based off of their own experiences and down here it is pretty common to see sellers prefer conventional loans over FHA/VA.

who pays utilities?  

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