We're currently working on the partnership structure and trying to iron that out to best meet our needs. 

If you can do that, you'll realize that you don't need to deprive yourself of everything :)Now - what is important to realize is that W2 income creates an iron-clad barrier between you and a low effective tax rate.

Is that a old style cast iron radiator against the far wall under the window?? 

The bottom line is that if you are able to work with a friend to get your scope of work ironed out before you start, you may be able to negotiate better pricing by showing the contractor that you can keep the job moving quickly. 

Ironically, I started my investment career buying 4 of them, had great success the first 3 yrs since I bought at a deep discount to the market, had 100% occupancy and they cash flowed only because to get the deep discount had to go all cash.  

I am yet to invest in a property, but ironically have been thinking more lately being so far away.I want to invest in commercial real estate, or multi-family homes ideally but not sure if my budget can handle it.  

I'm always afraid of being sued, especially after I read that one guys post how he had an iron clad contract and even video taped the signing.

The property has been neglected by the owner and one building is completely down, so this is ironic but he's offering seller financing and wants to protect his debt risk. 

Ironically enough my problem is not so much finding potential deals but securing a good GC quickly to give me an estimate of costs.

. $200k home that rented for almost $2k/month (I still own it ironically).