You have tax benefits through depreciation and you are gaining experience via property management.  

Simple does NOT mean "easy" or pain free. 

Each former member is then free to either do a 1031 on their % interest or take the cash and pay the tax.The opposite manuever was more common until around 15 years ago. 

I've always considered getting a PM, but it's hard to give up that 8-10% ($1k/month) especially with everything that I hear/read regarding investors' experiences with PM, also there is a lack of options in my area. 

(b) Is it okay to talk to multiple realtors at the same time (I'm thinking it would be better to have a separate realtor with lots of market knowledge and experience in each of the mentioned locations) or should I only plan to use one?

Not realizing I was only getting a few hundred a month from it and from a cash-on-cash perspective I'd have been better off buying TBills with the click of a button instead of all the hard work, stress, time, and planning I put into it. 

No free lunch in this market!

We would like to create a partnership where we are 50/50 partners and he brings the cash and I bring the experience, knowledge, and contacts ect.

This is my first investment, and I've learned a lot from this experience so far, and I'm ready to keep moving forward with new projects.I am interested in investing locally in Denton County and the surrounding counties.

Benefits of the ATI ExemptionThe ATI exemption offers several key benefits:Reduced Tax Burden: By lowering the assessed value, property owners can significantly reduce their property tax bills, freeing up resources for other investments or operational expenses.Encourages Investment: For real estate investors, the exemption makes South Carolina a more attractive market by reducing the tax impact of property acquisitions.Substantial Tax Savings: The reduction in taxable value can lead to considerable property tax savings over time.Multi-Year Benefit: The exemption can apply for up to five years after the sale (based on SC revaluation cycles).Wide Applicability: It’s available for various types of properties, including multi-family projects, commercial properties, and even vacant land for development.Who is Eligible for the ATI Exemption?