I wouldn't even consider a partnership with him. 

In your club you set up single-use partnerships to bundle small unaccredited investor dollars into various syndications.

If you want to keep the condo and scale, consider refinancing or getting a HELOC or finding partnerships.

Several people that pitched me on real estate partnerships & syndication over the last decade are now broke, in prison or being sued.Growth Equity in Chicago is one & fortunately like with Steve Down I steered clear of them!

Building a network here can open doors to partnerships, mentorships, and local insights.3.Explore the Blogs and Podcasts: BiggerPockets has tons of content—blogs, podcasts, webinars—that cover everything from beginner strategies to advanced investment tactics.4.Utilize the Deal Analysis Tools: If you’re considering an investment, the deal analysis calculators are invaluable for running numbers and understanding potential returns.5.Set Clear Goals: Define what you want to achieve, whether it’s learning a specific strategy or connecting with certain types of investors.

In our 'day job' business of remodeling we have stayed just a partnership with an LLC.

It isn’t separate unless they are in a corporation or partnership.

Focus on cash flow to align with your long-term goal of a remote ranch, and continuously educate yourself while networking to identify opportunities and partnerships.

Lastly, your $8K and market knowledge could be a great start to a partnership with someone who has more funds but less time & knowledge...

It's not a fair partnership if you the tap the equity of their property to use together if you aren't brining any capital to the table.