@Jason ClecklerIf this is a genuine tax partnership in that it is subject to Subchapter K and files a 1065, you're going to want to engage a tax CPA who will take into consideration your facts, circumstances, and goals so that the buyout can be structured advantageously. 

The worst errand you can make is not actually engaging in that errand. 

You convince folks from the heart and not through logic, debating, arguing, or attorneys - you can "win" with the latter, but it's so much more peaceful & simpler to engage them as a friend & neighbor. 

How do I know things like the cost of water and sewer, loan points, ARV (without an agent to pull comps), Capital Expenditures, or any other number of items without fully engaging the seller? 

Borrowers are also more challenging to deal with, and if there are violations from the county on the property these get passed to you (which you can try and collect from the borrower but if they walk they stick to the property which ends up being paid by you).Every person has a varying level of experience and risk so no one fits into a one size fits all, but people should be aware of the risks they are engaging in when investing in certain asset classes. 

Simply suggesting that folks engaged in working with investors, educating them don't know much about the project, are not educated, don't do their own due diligence, are not close to the operators or exercising a key role on the team is seriously missing the point.  

The wealth building upside and cash flow on these properties can be very substantial, keep grinding until you find a deal, and don't engage with trolls / naysayers, they'll just sap your energy.   

Firstly, I know I’m allowed to be a majority partner in a brokerage as long as I don’t engage in daily or company operations.

This is why successful investors engage in this industry How did you find this deal and how did you negotiate it?

Looking for an attorney to engage for a small commercial acquisition.