, status of major building components (roof, HVAC, structural, electrical, plumbing), accounts receivable aging (are all tenants paying or is the $20,500 schedule rent?)

Yes, it's crucial to get the right structure in place—setting up an LLC in the state where you're operating can offer liability protection.

Quote from @Gregory Banks: I would hire a structural engineer. $1,000 inspection could save you tens of thousands.

To structure a partnership, consider forming an LLC where you handle property management, renovations, and operations, while the investor provides the down payment.

These policies cover the structure and additional liabilities related to your property that the tenant’s insurance doesn’t.Rod, are you sure about this? 

Additionally, an LLC can make it easier to separate personal and business finances, simplifying tax filings.Quick Tip: Work with a tax advisor to determine whether an LLC is the right structure for your investments.4.

The marketing/advertising firm, aka RE broker, is not the expert in building codes, zoning, structural engineering, neighborhood safety, etc.As a prudent investor, always do your own due diligence or you'll end up being (unitentionally) misguided by a RE broker's information.  

I am interested in acquiring a 10-acre lot with a house listed for $1.6M in a Houston suburb and would like to investigate financing options for building a commercial structure on the property.

We all work really hard to obtain assets, and I don't about you, but structuring your investments now can pay off in the end.

It helps to ensure everyone is on the same page and can save you headaches if issues arise.If you need further guidance on structuring these points or tailoring them for your project, feel free to reach out—I’d be happy to help you get started!