Balloon framing wasn't used in every house or in all areas.If a 1950's home is property renovated and upgraded, it is just as good and often better than any modern built home.

Best of luck as you dive into real estate investing! 

The other way I fund deals with none of my own money is using a private lender that I have years of experience and relationship with and/or using HELOC and other business lines of credit.

@Kevin Duke Since Subject A’s $6M net worth is below the federal estate tax exemption ($13.61M in 2024) and Florida has no estate or inheritance tax, Subject B can inherit the property tax-free with a step-up in basis to the fair market value at the time of death, eliminating capital gains tax if sold immediately.To avoid probate, Subject A can use a Lady Bird Deed (Enhanced Life Estate Deed) or a Transfer on Death (TOD) Deed, which allows automatic transfer to Subject B while retaining full control during their lifetime.

This was a total win for me!

This would be my first JV and am open to any advice suggestions on the best way to proceed.  

All this adds up so some serious deductions.

I want to take this opportunity by qualifying for REP status.I have also been meaning to build 2 units in my backyard and put them on rent.

Every landlord in Chicago needs to watch this!

This sounds like an exciting venture!