Perhaps if your partner was a general contractor or handyman type there may be some merit there to reduce costs / increase profitability.If your partner enjoys deal sourcing, a better move might be for him to become an agent - so he could legally collect commissions from finding deals and managing properties for multiple people. 

This reduces exit options and affects the value. 10) Small number of small units is the most expensive residential development there is.

85LTV ask on a LTR rental is a tough ask, when adding an STR factor, nearly every lender will reduce max leverage by 5%. 

In the assets I am considering - the seller is typically selling because they no longer have the time or energy. 

However, the IRS may scrutinize exchanges if the holding period post-transfer is too short (typically 12-24 months recommended).If one partner wants to defer capital gains while the other prefers cash, the deferring partner could reinvest their share into a Qualified Opportunity Zone (QOZ) fund, which can defer and reduce taxable gains if held for at least 10 years.

This needs to be limited and reduced. 

I guess they have more land to build there so it might reduce the appreciation there?

In some cases, federal tax credits like those for low-income housing or economic development might also apply if the project aligns with certain goals.Instead of buying the land outright, developers often lease it from the tribe, which can reduce upfront costs and sometimes come with favorable lease terms.

Real wealth is built over time with consistent effort, even when things are difficult.Increase earnings, reduce expenses, save, invest.

Another of the houses I just bought is appraised at $250,000, they reduced the price to $225,000, and I put in an offer but they accepted a higher offer from another buyer for $197,000.