*This post does not create an attorney-client or CPA-client relationship. 

Your second job is to build relationships daily.

Just because it's a primary residence for him doesn't automatically exempt your portion from capital gains—you're still considered an investor.You also need to think about what happens if your friend can’t buy you out or if your relationship changes.

I hope trust and relationships will get me through and my own due diligence and trust in myself to make the right choices.

The best thing an out of town investor can do is develop strong relationships with locals who are active and knowledgeable in the real estate investment world in STL.

Most banks/credit unions will keep property like this in their books, so if you have any relationship with any local banks or credit unions, I will reach out to them before researching others in your area.

I feel like it may be good to also establish a relationship with a lender to streamline future projects. 

The relationships and people skills that I have developed over the 6 years in working in this profession would also be a benefit in this market your working to build those relationships with possible vacation renters.

Stress, risk, relationships, and all the non-flashy things apart from money count for a lot.Maybe one day I'll get a chance to meet him myself.

Non-Arm's Length TransactionsNon-arm's length transactions are purchase transactions in which there is a relationship or business affiliation between the seller and the buyer of the property.