So the important thing would be to identify what type of investor you are and then ask for recommendations only from similar people.

Nothing wrong with partnerships - I have used one to scale way faster than I would have on my own because he brought skills I didn’t have - but if you can do a deal on your own first to get a better understanding of the entire process it may help you identify what you need from a partner and what types of things should be in the operating agreement.As for the operating agreement, be sure you sit down with an experienced attorney who will help go over the dozens of scenarios that may come up and how you would like to handle them. 

A subsequent cash-out refinance of the replacement property (e.g., $250K on a $1M property with a $500K loan) is treated as a loan and generally has no tax implications related to the 1031 exchange.

This is Occupancy Fraud, a very common type of mortgage fraud. 

I am on a visa and am interested to find out how much I can afford and use it as guidance on type of commercial property to research in to as this would also be my first investment.ThanksMallik welcome to austin!

People really value a spa type of treatment and depending on where you are, it could make a real difference. 

What made you interested in investing in this type of deal?

What made you interested in investing in this type of deal?

But I'd be shocked if people are getting significantly better numbers in similar "regional destination" type areas. 

Hi Jeremy, what type of Adaptive Reuse are you into?