If it's a standard Lakewood up/down duplex it probably has a plaster ceiling under the ceiling tile-- at least all the ones I visited when my son was apartment hunting were plaster.IMO, the "nicest" fix (assuming the old plaster is in poor condition) is to scrape off the acoustic  tiles and then drywall over the old plaster with a smooth finish; the cheapest fix, if the only problem is the one tile you pictured, will be to screw up the tile(s) that is/are lose, cover the screw with a little joint compound and then primer and paint the ceiling; If you are lucky the tiles have already been painted before.

We’d both purchase through our LLC 50% each.Thinking use a joint account between us to collect rents and hold funds for repairs and cap ex funds etcAny thoughts on how to structure?

These included under sinks, inside electrical boxes, plumbing joints, insulation, roof shingles, broken window seals, the whole nine yards.IF, you trust they’re doing a thourough job and charging $100 or less, MAYBE I would keep using them.

Typically when one tenant in a joint tenancy situation moves out, the deposit stays with the property and continues to be held by the landlord in trust in case there are any damages or money owed when the property is ultimately returned. 

One option to lessen the work would be to Joint Venture with someone already in the business.Good luck to you!

Could we but a different property jointly that *Frank* already owns?

If it's any type of construction maybe you can network your way into finding a joint venture with someone who is willing to put up more cash if you are willing to renovate (sweat equity).

@Step SthephYou may also want to think about holding onto the property that you live in in your own name for now.You are eligible to exclude up to 250,000(500,000 if married filing jointly) as long as you lived and owned the property for 2 out of 5 years.If you transfer the title to an LLC - you may lose out on the appreciation as you continue to live in it.You have a couple options regarding the other lots.If you don't know contacts or how to develop land - you may want to consider the land outright.If you have experience to develop land - you may want to pursue developing the land and then selling it.option 2 will likely generate more money but also require more work.

Hello everyone, so I have an opportunity to do a joint venture for my first deal.

Try using a "joint-loan" since you are not VA eligible.