I carry insurance based on rental, tenants have insurance, and a personal umbrella on top of that. 

Is the Seller carry back a zero coupon note or interest free?

New construction is somewhat easier as the subs are at least at some point more professional if I can use that word.. they can carry a job for net 45.. they make money a lot of times the subs have big business making millions so your dealing with a peer group not a sub that cant buy beer on sat if you don't pay them on Friday or has no credit and cant buy a two by four without a draw.. 

You could see if the seller would be willing to carry a 2nd mortgage for the 10% your missing.

Or perhaps you could get a commercial bank loan and have the seller carry 30%? 

So i asked the agent if the seller would consider carrying the note for both properties.  

What are the key things i need in order to carry out my first purchase?

I have a 4 plex that I am buying on a 20 year owner carry with 7% down.

To what extent will the parties be free to carry on other businesseswhile the joint venture subsistsif one party pulls outIs it intended that spouses/partners should also be shareholders, to allow for tax advantages from a broader split of dividends?

Which is why every time you do a 1031 exchange your accountant files a form 8824 which takes the adjusted cost basis of your old property ( profit and depreciation) and carries it forward to the new property.