This is where the complexity arises and differs from state to state, so the attorney is a necessity here.

No matter where the market is, this past year I’ve refined my bid process out of necessity and to maintain my sanity.

https://www.biggerpockets.com/renewsblog/2014/10/16/no-money-down-brandon-turner/Good luck getting started, necessity is a powerful motivator. 

Brent - those administrative items and book keeping were necessities for the government housing program I believe, so I factored them out.A few of the commercial multi family comps in the area sold for 500k, 300k, and 200k.

They aren’t a necessity, but they sure do help.

It's not a necessity though.

RE: Louisville KY - Necessity is the mother of invention...  

But a better answer would be when you don't have access to enough reserves (cc included as an absolute necessity) to weather a significant downturn in rent rates and vacancies while at the same time dealing with major unexpected repairs, that is when you are likely overleveraged.   

I'm currently paying rent in a cooperative work space that is not a necessity just so my 36 years young can meet guys like you.  

In your case, going in on a deal with family is probably a necessity.