Get your personal home done first.

Do NOT buy anything from the Detroit Land Bank!

Rents will keep raising in most markets so bank on that for additional cash flow in the upcoming years.

IRS 590 also explains this.5) When you receive a distribution or otherwise get paid back, never take personal control of the money.

For bookkeeping purposes, I recommend designating a separate bank account exclusive to the house hack activities to keep some sanity.

If you go with the partnership route1) You need to manage the money going in and out of the business bank account.2) File a partnership return and be responsible for issuing K-1's3) make distributions to you and your partner for cash flow that you receiveYou will likely spend many hours on a nice gesture.I may want to consider instead to give a christmas gift or a bonus for early completion of projects.

Private money and personal funds.

Fewer still actually show-up to deliver the value in-person. 

Im thinking about paying the bank the 50lk that we owe and the taxes.

He’s not a pushy salesman, and I’ve got a business partner who has worked with him for the last 10 years without any issues.As for your situation, I wouldn’t say it sounds like a Ponzi scheme, but I’d strongly recommend meeting with the fund sponsor in person and asking as many questions as you can.