I insisted on the JVA with many of the points that you mentioned to be included, but ultimately decided to back out in the end so we could hammer out the terms of the JVA.

Looking at multi-family and buildings as well..Every time I snoop around Kingston, everything seems to be out of reach for me at the stage I’m at in my portfolio..Catskill is my target town..I own a home in Hudson and my office is in Catskill and hammers are a swinging !!

Your are welcome, have fun, attend auction sales ever week, observe the action and the bidders, play a game, guess the hammer price, see how close you come.Charles

As far as financial advisors go, I'm reminded of this saying:  when your only tool is a hammer, everything looks like a nail. 

We've hammered this before.Bottom line, forget entities as a shield from liability, get tons of insurance!

At the end of the day, it is a personal choice between quantity ( for example, owing 10 plus units of Class C, better safety net but constantly hammered by low income class backed by the City of Portland policies) or quality ( for example 2 plus luxury apt rented to well-educated tenant, good occupation and careless about relocation fee, rent control, non-cause eviction etc.)

My job is to find and vet operators and analyze deals - after that, I just collect (hopefully) distributions and read reports as they come in.There are benefits to both, but I think you need some sort of competitive advantage to be an active investor - specific market knowledge, ability to swing a hammer, ability to find and rehab properties - something that gives you an edge over the competition. 

I agree, it certainly hammered the point home to budget for things like this.  

For example, I know a lot of real estate investors who take their kids to the job site, show them how to swing a hammer, have them paint the walls, etc. 

The late filing penalty is $195.00 per month per member/partner.  4 members 18 months late the penalty is $14,040.00When your only tool is a hammer, everything looks like a nail.