He is willing to help with our new business venture but he's not sure what to charge for his time.In addition to taking care of the renovation-including design layout he will also be1. checking out the property with the real estate agent to run renovation estimates and making sure it will be a good rental.2. coordinate all permits and license with city3. even offer to manage the property without the usual management feeFor his time and effort, he is proposing that we give him part ownership of each property.

I'd like to propose an equity stake in the deal to allow me to accumulate hours against my status as a real estate professional.  

Ultimately it is your decision but you may come up with a proposal that you had not thought of after talking with the person.Don't sign a lease or any agreement until you have closed on the property.

I have Re engaged the engineer who did the original TTM and am expecting his proposal by the end of the week.

Any additions proposed on the building will require a zoning plan, and construction drawings.

@Mark Futalan WOW been busy with cancellations, proposed cancellations, and questions. 

@Robyn GershWhat you propose does not work, despite what you may have seen on the internet.You are a disqualified person to your 401(k). 

This is one of the many areas that you will not be able to get water shutoff records due to the legislation.

The CA multifamily market is on the verge of softening with recent (and upcoming) rent control legislation coming into effect, leading many investors to sell / move their capital out of state.

I recently was in Albany with a bunch of landlords and some small business owners talking to state senators about legislation that recently has been passed in New York that is making it extremely difficult on landlords especially with rent stabilized housing.