OP having so much rear-end hurt from minor criticism of basic plan which homeowners/investors have done for decades.Easy to invest/house-hack off $10k.

OK you are not a youngster.

Here's the info:Purchase Price- 60,000Closing Cost-4,000Repairs- 30,000 (he emailed me the full inspection report and had a contractor estimate at 25k)Rent- 1300/monthARV- 115-120kProperty Taxes- 250/noInsurance-18Capex- 8%( I have to replace the roof since theres a leak in the rear bedroom, the HVAC looks good)PM-10%( I'll manage the property for now)Repairs-8%No HOA, 1 mile from JHU,MSU, quiet street.5I'm purchasing this as cash, but I got a personal loan of $50k from Sofi at 7.45% for 7 years, $30k from my aunt at 7% for 12 months and savings of $30k mainly for real estate.( I got emergency fund of $7500, Roth IRA 6k and SDIRA of 150k.

Here is the background:Sales price $575,000, building square feet 1,719/land square feet 5,762Taxes are $3,204.07Property consist of commerical store front with attached rear residence and  detached 2 studio units. (2 buildings total)Permit history of the rear residence and detached studios are unknown and requires further research.County assessors office shows the property use type as commercial and buiding square feet at 1,113.Store front building was used as a bridal studio and owner lived in the attached residence.

Screws in windows (specifically 1st floor) joining sashes toghether3. 2x4 against rear doors to floor or wall. 

How long have you been in RE? are

I also firmly believe all these youngster coming up should include a timber parcel in their portfolios.. no better passive income on the planet.. plus you can camp on them.. ride your quads .. hike.. see nature.. and if its big enough Hunt ..

After a couple of years the tenant purchased the property from me for $335,000.Purchased a 60% ownership interest in a retail/service center and a rear building office/warehouse for $225,000 with a first and second lien notes totally $950,000 in place at 12% interest.  

That covers your rear for the principle and is easy and inexpensive to complete.All that remains is your profit share split which if you really trust this investor and have a good relationship and history with him/her, you have 2 choices, do it on a hand shake and trust that you get your split (I don't recommend this option even if you trust them) or 2.

I struggled with this for a while.I have a 4 family with shared front and rear door.