Well I just brought them a portfolio for $3.4 million worth $6.5 million and now they don’t do this kind of a deal.

By the way a year ago the same umbrella policy that I had brought in on the car  accident stopped covering vehicles in CA.  

Nothing wrong with partnerships - I have used one to scale way faster than I would have on my own because he brought skills I didn’t have - but if you can do a deal on your own first to get a better understanding of the entire process it may help you identify what you need from a partner and what types of things should be in the operating agreement.As for the operating agreement, be sure you sit down with an experienced attorney who will help go over the dozens of scenarios that may come up and how you would like to handle them. 

Hopefully I will learn more about them when I talk to the LP who brought this up to me on Monday.

In your case, it sounds like a similar story.. you identified a property with potential, tackled the structural work, and brought it back to life in a way that justifies a higher price.

Then I had another one where the buyer brought as is under the impression that legalizing would be easy and found out it was not ever allowed and a portion of the structure had to be demolished because it was built horribly and a hazard as built.  

If you are doing it just to buy something my answer would be no, but if there is a specific deal that you underwrote that looks like a great deal then yes.Henry asked and brought up great points as well. 

We have always kept inherited tenants, gradually brought up the rent.

I brought in a partner who funded the downpayment. 

They brought in mice, cockroaches, and spiders.