There are a plethora of CT based real estate Invetsor meet ups you should get involved with.

Quote from @Garry Lawrence: I need advice on a serious situation involving a property I’m about to buy.

Converting your condo into an investment property and transferring it into an LLC is a smart move for liability protection.You’re correct that retitling the property involves Chicago’s transfer tax, which can be substantial.

I think it speaks volumes regarding your care to the situation the heir is involved in.

I would tend to agree with the other CPAs typically.The 500-hour test is one of seven material participation tests used by the IRS to determine if a taxpayer is actively involved in a trade, business, or rental activity. 

This allows you to test all the systems and the people involved.  

Lastly more to my point - I thought you worked for a MF syndication in the past that I was not sure but wanted to mention and that you are not just someone coming off the street having never been involved in a deal (unlike a lot of others).  

I just want to be involved and learn more so I could achieve more eventually.

For example, you might agree to a 70/30 or 60/40 split, depending on his level of involvement.

Sounded like there was heavy paperwork involved.