I appreciate the response since this post fell into the wasteland, maybe because it's hard for new investors to look themselves in the mirror.

SFD vs condo vs 2-4 unit, hold vs flip, turnkey vs rehab, passive vs active...it really comes down to each individual property/opportunity, what your goals with the property are, and if the numbers make sense or not.Best of luck!

Obviously an unproportionate response to the potential risk of a shoot-out in the parking lot.Most people who ask the asset protection question have no assets to protect that are large enough to make them a viable target.

Each unit is individually metered for power and water. 

Allows you to get out of landlord responsibilities, and keeps a steady check coming in each month like rent does.

If there is no HOA because it has been family run, it will be dicey, but generally if it is a private road, all those on the road are collectively responsible for maintenance and improvements.

I would kick the tires because it seems like it could be great.Thank you so much for the response I agree with everything you said here.

I joined BiggerPockets to connect with like-minded individuals, learn from experienced members, and contribute to discussions where I can add value.

In order to avoid wasting time on a bunch of individual showings with unqualified applicants, perhaps consider doing what I do and host “open house” style showing windows. 

Below are some important things for you to be mindful when you have to file a partnership tax return1) A partnership return generates a form K-1 that each investor will need to complete his / her tax return.Will the accountant be able to complete the tax return by April 5th to give the investor/partner enough time to file his individual return?