In fact, he won't do anything but provide capital and we have a business deal where he'll make about 70% of the profits and I keep 30%.

Looks like you are going to profit $150K after commission and closing costs.Sounds like a good deal.If you think the multi-family duplexes are going to bring the price down.

I can see exactly how much rent I'm collecting, what my costs are, and even how much profit I'm making on each property.

Lease terms at this location 3/1/23-2/29/28 plus One 5 year option to renewFinance:Down: $584,000Balance :$416,000Upgrades: $50,000Total: $466,000Monthly Payment: $3,339 Monthly Income: $6,056Monthly Profit: $2,717Interest Rate Average: 6%Amortization Average: 20 years

The outcome of the E 2nd St, Junction City deal was a fast and highly profitable flip.

You might find saturated areas at prices that don't make sense for your numbers (not profitable).

If you sell houses to buy a primary residence you will pay tax on the profit, PLUS recapture the depreciation deductions you will be taking on your taxes each year.

You've obviously read renting out properties is easy and profitable - but, have you looked at when the material was published? 

So if you have a business entity other than a sole proprietorship you will file that business return and receive either a K-1 distribution or pay corporate taxes on the profit. 

The cash-on-cash return for my co-hosting ones are basically infinite because I put zero down in monetary value (sweat equity and experience are another thing) to make a profit.