You need to look for a Securities Attorney (not a real estate attorney)As @John Sayers mentioned, you can get ownership with a GP by doing other things, like bringing the deal, asset management, data research, etc.

Sorry not an expert in the padsplit model but did you analyze what it would bring in as a whole home rental? 

@James Kiefer From what I understand Pittsburgh happens to have some decent underlying fundamentals so it may not be a bad place to invest but certainly speak with local experts.

Others 15 yrs, etc.So we depreciate a portion of the asset costs faster.We do the study and get dollar amounts assigned to different parts and different schedules to front-load depreciation.Now you can get 5 or 6% of the value as a deduction in the early years...But wait... there's more.Bonus depreciation allows you to deduct a certain percentage of cost in the first year an asset is put into service.Anything that is on a schedule of 15 years or less...So the doors, sidewalks, HVAC, walls, latches, curbs, security, gates, etcA % of this stuff goes in Yr 1.For years 2015 through 2017, first-year bonus depreciation for these items was set at 50%.It was scheduled to go down to 40% in 2018 and 30% in 2019, 0% in 2020.But then the Tax Cuts and Jobs act moved this percentage to 100% from 2017 to 2022 and 80% in 2023 and 60% in 2024.Its not uncommon to allocate 30% of an asset cost to items that can be depreciated on a 15 year or faster time frame.So now 60% of that 30% of your asset's cost can be depreciated in the first year, excluding land.Pretty great.This is how real estate owners, investors, and operators make millions and pay very little in taxes compared to W2 employees.They pay even less and can offset other types of income if they are an RE Pro.

I am wondering if the interior stairs are typically removed to allow for more sq ft in the basement unit as well as greater security  between the two units?

I would still recommend getting either a foundation expert (mine was about 70 years old and had been doing foundations for 50 years) or a structural engineer to look at things if you decide to do anything at all.

What do you use for your remote security setup?

I suspect an accountant or expert can provide more details on my description (I am far from an expert).Good luck

If you listen to the end of Powell's speech yesterday the most important part was rarely commented on by the media which is when he said, We will continue reducing the balance sheet. translation, They are continuing to let Mortage backed securities and US Treasuries roll off without renewed purchases.

Create LLC have dad lend money to LLC, use this loan as down payment on larger property(s) as your dad’s loan is NOT secured by real estate but by the LLC.3.