Proper structuring with professional guidance is key to achieving both parties' goals.This post does not create a CPA-Client relationship.

Quote from @Elimar Rios Guzman: Hello BiggerPockets Community,My name is Elimar Guzman, and I'm excited to be a part of this thriving network of real estate enthusiasts and professionals! 

Good quality of life, good potential for appreciation over time, and an area that is unlikely to lose its draw for young professionals and college students for future tenants.

Soft Costs and Professional Fees - Could you share insights on budgeting for architects, engineers, project managers, and legal fees?

Readers should seek professional advice.

This was due to asbestos abatement, sewer line replacement, scope creep, and poor planning.Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

NOTE:  there may be some tax on interest or principal on the payments--seek professional advice.Also, stress there will be no inspections or other contingencies--sell the 'peace of mind' side of the equation.You have known each other for 12 years and you established you are a great payer. 

These areas offer a mix of renovated bungalows, new construction, and industrial conversions, with increased demand from young professionals.

You should consider a professional manager.

(Note, I'm not a tax professional or attorney, but have done a lot of research into this area as it is relevant to my personal situation with family members.