If you did a cost segregation study on the property in the past, you may have to recapture the depreciation taken in the past.capital gain tax rates are 0, 15 or 20%There is also a potential 3.8% Net Investment Income Tax.Also, don't forget state income taxes depending on what state the property is located or your state of residency.Best of luck!

Any insights or suggestions would be greatly appreciated!

I have seen studies that show that when the utilities are paid by the tenants themselves directly, that the costs are reduced by 20%. 

I highly suggest getting your feet wet in your local market if possible if you plan to rehab or manage the property yourself.

You might want to study up on the Telephone Consumer Protection Act.

I am looking for suggestions on how to structure a partnership (short term) that will benefit him but allow me to be dissolve our partnership after a couple years as he isn't interested in long term holds. 

I highly suggest as many in-person networking events as possible! 

For those that do not feel comfortable enough with excel to build out a tool on your own, I would suggest starting by taking excel courses focused on dynamic real estate modeling.

I would suggest starting with what types of investments you would like to get into and goals.

I suggest you check out Chad Griffiths and Jonathan Hayek.