Who owns what portion, what are the roles, what do you do if a partner isn't performing how you expected, basically get all the awkward discussions out of the way and signed into the agreement.

The only thing you would want to do if you go this route is to get a good property lawyer who can fish out any pre-existing deeds on the property which can lead to an awkward "my grandma left me this property in her will" situations.

The amenities may be basic but the service should be class-A.have a worldview that is empathetic to poor people- ie they don't believe that poor people are poor because they make bad life choices; actually RESPECT THEIR (D-neighborhood) TENANTSdoesn't have the unrealistic expectation that low credit score tenants will respond to incentives designed for tenants with a credit score to protect and sets payment policies to promote desired tenant payment behaviors for low credit score tenantsprefers to achieve goals by eliciting cooperation instead of the exercise of power;communicates clearly and directly (even on 'awkward' topics like money and complaints about 'peculiarities')likes to solve problemsHaving said all that, I would still recommend B neighborhoods if you can afford it because of appreciation (and as @Erik Whiting said, exit strategy) .

You can use a renovation loan like a 203k or Homestyle to purchase a distressed property, wrap the renovation cost into the loan, all with a pretty low down payment amount (3.5% for FHA, 3%+ for HomeStyle)I know it may seem a little awkward at first living in a small multifamily, but for me, it was worth it hands down.

Its awkward, but it needs to be said....The FACTS about our economy (GDP, unemployment, workforce participation, etc...) have no bearing on asset prices! 

It gets awkward in a hurry...

Not sure if it would make it awkward(?)

@Annchen Knodt I’ve been to BRIC before felt kinda awkward being the youngest and least experienced there at first but I am a member and attend their monthly meeting when I can.

I know, I know... no easy way out, nothing good can come of it, too awkward...A friend of my Cousin came by to look at one of my units (stop snickering)... nice looking girl, about my age, nice job, seemed down to earth...

That being said, it would be an awkward first year traveling back and forth to spend time with him in the home he purchased with us both in mind.A few people made great points about an FHA loan not being financially smart as a first investment.