“The auditor, twice burned, is cautious now, but he looks carefully and decides there’s no way this guy can manage that stunt, so he agrees again.Ralph stands beside the desk and unzips his pants, but although he strains mightily, he can’t make the stream reach the wastebasket on the other side, so he pretty much urinates all over the desk.The auditor leaps with joy, realizing that he has just turned a major loss into a huge win.But Ralph’s attorney moans and puts his head in his hands.”Are you okay?”

If they are limited in time and money, that might put too much strain while you figure out the partnership details.With business relationships, make sure the money people are protected with insurance should the labor part of the deal get hit by a bus.The biggest thing for me, a track record for resolving conflict.  

I think I can make that work given my work situation and how much I can save each month to meet higher down payment requirements when lending tightens up.Thanks in advance for your thoughts!

Thanks for the insight, HML can be costly and out of pocket can put a strain on your re-hab money. 

In terms of tenants leaving - I think that was a different situation back then and they have tightened up standards a lot since then - it's no longer a situation where someone can borrow %100 on a home and move out of your rental - it takes some saved up money now.  

It is also best to consider the many things that can happen ahead of time to limit the amount of grief that can come about when members later disagree with how a specific situation should be handled.Sounds like you and your father are on very good terms, but business can have a way of putting strains out relationships and it is always good to minimize possible friction.

Most economists would say it's just the opposite...If anything, the tightening of lending in this country over the past several years will create a bigger disparity between rich and poor than it will level the playing field.

So I had lunch today with a local real estate investor and he told me he felt discouraged that property management companies he had interviewed were so focused on occupancy and not focused on pro-active preventive maintenance.Example:  a damaged door, waiting for the thing to break so it can be a "billable event" instead of squaring up the frame, tightening a hinge, lubricating the doornob, whatever.  

Lenders tighten up and when the market appears better then loosen up again.I expect the residential and commercial markets to keep loosening up.

I am constantly revising my leases and tightening them up.