Very cool piece of real estate, unfortunately it doesn't even make sense at the $650k asking price.

Consider a HELOC for value-added BRRRRs or flips if you have a low interest rate.

@Ryan Daniel  I will preface this with the fact that I have a legal background, specifically with estate planning and asset protection in relation to real estate investments.

And start feeling people out and figure out who’s real and which one of those you vibe with.

Gifting equity in a house may be more trouble than it is worth if you are not near the life-time exclusion1) Potentially having to get the property appraised everytime an equity is gifted2) Having a title company update the title every time3) Exemption of the gift tax return is normally for cash gifts below the annual gift tax exclusion, you may still need to file if you gift non-cash4) If there is partial ownership over several years, having to properly pro-rate certain items such as real estate taxes, mortgage interest and rental income if the property is a rentalBest of luck 

I have been investing in real estate for well over twenty years and can tell you there are a lot of ways to make money in real estate. 

The real skill is understanding the variability and risk in each number which is not always numerical or scientific.

Swimming pool filled with wooden marbles, and here I come and I throw 3 steel marbles inside the pool and mix it up real good.Then I will tell you this: "Your mission is to find me the 3 steel balls".Now this is what you all are doing.You plant your butt next to the pool with your legs in the wooden marbles, you pick one bacll, inspect it, is it a steel ball?

The LP got it from a friend who is in some kind of real estate mentoring program.

Real estate is not my of my knowledge base at all but I want to start working on building passive income now (I’m 44).