I'm not sure I'm ready to tackle Clermont as a market to farm, but it would be great to trade some perspective since we're not too far apart in our RE journey.

There are so many areas where things can go wrong with a simple partnership, and you want to be protected from an asset protection perspective.

So I thought if I posted the numbers on this forum, I might be able to get some perspective on my potential purchase.The expense figures below, with the exception of capex and vacancies, are from the actual P&L's received from the PM, averaged out for the past 12 months. 

Looks ok from a numbers perspective I suppose.  

If it's not your thing, just find the best professionals and pay them for their advice.Having said that... how you hold title to the property is irrelevant from a tax perspective.

Sounds like you are off to a great start.Looking at this from a purely business perspective, you owe it to your business, your partners, your investors to maximize the revenue coming into the company.  

It's helpful getting the numbers in perspective.

I like the perspective you have in approaching the situation.

Nothing wrong with a 15 or 20 yr commercial loan that you can refinance after 6mo/1yr...I understand you'd prefer to finance more & put down less like the books recommend, however you have to understand from the banks perspective you're unproven.

The dangers of both options are obvious, and who knows when, or if, we will get back to the cap rates we have seen in the past.Just my perspective but I have maintained my minimum return requirements while exploring some additional options.