Double check any cap ex you might have coming in the next year or more there so you can plan to set that aside (boilers, roofs, etc).

Yes, had to go in more detail with my answer. $5400 comes with too much risk and wear and tear on the property. 

Adding and making better could sell or rent faster, but it won't get you more than what the market ARV and rent is set at from other similar comps in the area....and your Interior Design background will help, if you you it mostly as an understanding of cost. 

As the senior director fancy title man that you are you personally could offer much more for peoples time.

This way the partner is getting paid more precisely for what they contribute.

Also - there are some other ways to gather funds to purchase more properties.

Any help or advice would be appreciated. 

The law would be Section 3121(b)(3)(A) which is no more helpful than the publication:...service performed by a child under the age of 18 in the employ of his father or mother...Great.

Assuming the property is worth much more than they paid for it don’t let them give it to you.

You will get a higher appraisal (more money out on a refi) and have better appreciation and an easier path to a sale when that time comes.Very exciting stuff!