If you have someone funding the entire deal, you have ZERO risk in the deal and get 50% of the profits - run with that.Lets look at it another way.

At least run this with good, bad, worst scenarios.

Run realistic numbers and be prepared for the worst.

You are now a foreign entity doing business in CA since YOU run the business from there so Cali wants their $800 either way.So whether you need a REI tax pro is all open to interpretation.

Glad to see you are taking the time to run numbers first!

Fast forward 20 years: I now have money in the bank, excellent credit, live modestly on my own, and run a business that’s doing well.Unfortunately, I wasn’t able to save much for retirement during most of my life.

Everybody wants a home run on year 1 of their first deal which is why many never get started. 

. $130k your earnings are the long run are far different. 

Hey, Jaycee, I've only been running it for a couple of months now since I closed but it's been doing about $6000/month in gross rents so far, this month will very likely be closer to $4500-ish since it's by far the worst month of the year for rentals in that area. 

If any one can recommend a good REI focused lawyer or a building engineer to do a building survey then please let me know!