Our lease requires the tenant to carry renter's insurance with a minimum of $300,000 liability coverage naming us as additional insureds, as well as covering their personal property.

I agree with Jonathan--most of these items will take place once you are under contract.

Andrew, honestly just keep going.You'll be worth 8 figures soon.Not many people love their jobs, but it puts food on the table and you are clearly good at it if you've been doing it so long.Use some extra income to start getting into RE investing.If you get a seller to carry 15% in 2nd position, you just need a 10% down payment.Its tough to do but everything in life takes sacrifice.

If so, what type and amount of coverage do they have carry for them.Secondly, I'd ask an insurance agent I presently use for advice, given your situation.

We know no more about him than you have told us, but just the list of items you mention give me pause - "He's been trying to get into real estate for 6 1/2 years."  

Then there are a few more hurdles (and more time & carrying costs) to overcome to obtain final site plan approval.Having finally made it to final site plan approval, there are still the issues you're already familiar with - e.g. which side of bed did the inspector get up on that morning?

This is because the law says you can only depreciate items that wear down over time (i.e., the building and not the land).

Megan, Not sure if I can help you exactly, but a few items that might help: 1) As you are out having conversations with potential private money lenders, you can start the conversation about "Did you know you can use IRA, or old employer 401k funds to make private money loans, secured by real estate?"

The seller is willing to carry, which means, you just need to come in with 10% down.Hope that helped! 

Below are some items I’ve seen in teaming agreements.Ownership Interest: Clearly define the percentage of ownership each party has in the property.