But she doesn't want them officially added to her lease (i use ezLanlordForms.com).  

-IF it is not a leaker, then proceed to your purchase at whatever terms you are currently discussing.Depending on how willing the seller is to work with you, this may work out in your favor to have the insurance of having them remove (and provide the official documentation).

You may want to start an LLC with the partner so they are officially and legally keeping control of their money and investment.

The problem is that this is NY, and here the laws and options that we have here only mean as much as the officials willing to enforce them.

Well, you've beat the official rate of inflation, so that's good.

My first purchase was a 2 bedroom home with a den off the main area that only needed a built-in closet to officially convert it to a 3rd bedroom. 

With first of month...all people are locked out  and officially late on the same day...with anniversary billing, you essentially have people that need to be locked out or notified of being late every day of the month.

There is also an official 1031 addendum as well that is required to be signed.

I've been a long time member but this is officially my first post.

Once you've got a deal under your belt, I'd consult with a REI specific CPA to get you set up the correct way.Disclaimer: I'm not a cpa, nor an attorney so this isn't official advice.