Have a mason inspect the brick exterior, failing lintels or joints that need pointed could be bigger ticket items plus can allow water pentration if you are not aware of them.  

I have a Joint Venture document that I use when partnering with other investors.

maybe get a lawyer to give u a contract to purchase (usually free via the states RE association) in exchange for usimg him for closimg

If we sell the unit now, it is still considered a primary residence (lived there for 2 out of the 5 years preceding sales) which will exempt us from capital gain ($250k for single; $500K for married filing joint).

Personally, I don't like long term partners, but I love shor-term joint ventures.

I just did one for a Joint Venture client at https://www.biggerpockets.com/forums/600/topics/58...and you can kind of get a feel for how it is done.

., so in concept #1, if you paid for the house 25k, now its worth 70-80K, lets say u refinance and get 50K cash and go buy 4 houses with that as a downpayment...That is money movement, right?

This would be the case if they're all on a jointly and severally liable lease.

Looking to work/collaborate/joint venture in real estate investment company in San Jose, San Francisco bay area.

I can't speak for Chicago specifically and not a lawyer but in most juristrictions, the fence IS placed on the propety line and there IS joint responsibility for it.