Permits, I've talked with the local government and have been told the process essential is talking to every land owner in a 1000 feet, and putting an ad in the local news paper to see if anyone objects.4.

You will find that Biggerpockets preaches mostly cash flow as investment objective (i.e.

Making my payments about 1590 per month but only 600 of that is interest, the other 1000 is principle.  

The lady at trustee is not comfortable of working for me unless I lower my interest to 10% and deduct the interest I received from my principle.

This also doesn't include any summer leases at $500 per person which will be directed to our CAP EX fund.A break down of the estimated first year PL sheetGross Rent:$23,400taxes: $1,560insurance: $590Water/sewer: $2,000Gas: $1,900Electric: $1.500Maintenance: $1,000expense total: $8550NOI: $14,850Debt: $1080x8months= $8,640Cash flow (paying toward HELOC principle) $6210(yes I'm not including Vacancy for this year, I'm also not including Cap Ex this first year either)utility estimates are based on previous averages, and also our first 4 monthsYear twogross income: $26,000taxes $1,560insurance: $590Sewer/Water: $2,000Gas: $1,900Trash(year two electric will be on tenants and we take over trash): $300Repairs/Cap EX fund: $2,500  (summer rents will be added to this)Expenses: $8850NOI: $17,150Refi Debt (125,000 loan @5% estimated): $8040Cashflow: $9110   45% COCOverall this deal is turning out very well, an seems to be an awesome first investment property.

A lot depends on what you want to do and what your objectives are.Property # 1.

We share many of the same principles and outlooks on life.

Concentrate on one niche in RE investing at a time. 6) As far as your friendship/partnership, if your and your partner(s) to be objectives and long term goals are aligned and your attorney spells out clearly each partners' responsibilities in the operating agreement, you should be fine. 

Instead of receiving $3,300 in cash flow plus the principle paydown and tax benefits, I would see a roughly $1,800 gain.

Tenant agrees not to place into any drain lines of the Premises any non-approved substances, such as cooking grease,sanitary napkins, diapers, children’s toys or other similar object that may cause a stoppage.