We can do our own roofs if needed.The insurance premiums were subsequently reduced significantly, 

If you approach your partnership agreement and your subsequent interactions from the perspective of making money AND taking care of the relationship, I think that gives you the best chance of succeeding as a business and ensuring that everyone remains friends.A few other scenarios to think through: make sure you decide up front what happens if you decide to split up the LLC, but you both want to keep the building.

What are the price ranges like for 1-4 units and subsequent rent rolls?

Subsequently, you can take distributions from the retirement account to live on.

Each subsequent rental rented for more so that the property grossed nearly $3k per month with no mortgage and water as the only owner provided utility.Jump ahead a two years or so and we took out a line of credit against the property in the amount of $100k and bought an off market 12 plex in the Union Hill neighborhood in KC.

Note that the Court may shorten this period if there is sufficient evidence that the mortgagor, or any subsequent encumbrances, has no equity in the property.6) Court Ordered Sale:  Once the Redemption Period has elapsed, the court will decide on an order directing the sale or other means of disposing of the property.The foreclosure process in Alberta differs in comparison to other provinces, in that it is the court that decides to whom the foreclosure property will be sold, and for what price.

If you buy properties using a 1031 exchange and the property you sold was in your name, can you subsequently transfer ownership to an LLC without triggering a capital gains bill from the IRS since its not in your name anymore?

(There was another post recently by someone who did exactly that and were subsequently denied.) 

IRS'CODE'§'1031'DEFINITION'"An exchange in which, pursuant to an agreement, the taxpayer transfers property held for productive is in trade, or business or for investment and subsequently receives property to be held either for productive use in trade, or business, or for investment".You can't sell investment property and buy your primary residence.But you can sell investment property, buy investment property and then later change it to your primary residence.

But he also had access to further draws on the note as he bought more properties & needed financing for the subsequent rehabs.It ran very profitably for some years then he decided to hold some as rentals after paying down the note completely from those that he sold.