The big concern I have with this asset class is the control element.

My only thought is the common element over 3 years is the owner. 

There is a common misconception about deleading cost and how it can be done.It varies from situation to situation, it could be as simply as covering hazardous element with some plywood or metal, or it could be some replacement doors/windows and making paint intact.

Each of these elements can impact the overall terms, so it really depends on your specific scenario.

I have been investing for 24 years and have been through numerous major economic challenges.

The challenges are too numerous to outline here, a person could literally write a book.

This representation is crucial if you're ever audited.Regarding whether to hire a CPA versus just a tax preparer: Real estate tax is highly specialized, with numerous code sections and rules specific to the field.

They'll have numerous articles and contacts highlighted monthly that will give you an education in itself over time.

Leaving aside if the JV is the best way to fund and assuming its not a scam than the fee is probably a very wise business move because a large percentage of the deals you see are from people who are delusional or are not taking numerous things into account (delays, closing cost, wrong comps, time, etc.).

Any illegal activity like drug dealing, prostitution or gambling can attract unwanted elements.