Unfortunately, even without a lien, HUD can still collect as you signed a promissory note.

Only one bank account needed, but you'd have to track income & expenses to do transfer and year-end accounting.As @Nathan Gesner mentioned, not really worth it.You two could also open a joint bank account for collecting rent and pay expenses, just be sure to track everything.Do NOT do what @Paul De Luca stated about transferring title!

. $550  / mth * 8 unit = $4,400 * 12 mths = $ 52,800 GRI  ****not $53,800****The formula for CAP = NOI/PriceNOI = [GRI - V&C loss + OI] - EXP  *****You did not subtract for expenses to arrive at NOI nor include a vacancy and collection factor****Assuming expenses are 50% and 100% occupancy (which 100% occ is not realistic all the time).

Either define a set period of time that you will serve as a manager for no cost and then collect xx% of revenue as a management fee before splitting profits.

The collections agency we use currently says that without an application they can't do anything.

Needs extensive work but don't know true extent.

Renovated with cosmetic updates for immediate rental income, it offers strong cash flow while preparing for more extensive repairs and the addition of an ADU.

Have you ever had a pet cause more damage than the fees you've collected?

Would 1st lien position and rights to collect the property if I default be considered skin in the game? 

I will still collect a W2 from the business (I’m still an employee) as well as K1 for a percentage of profit.