If you go with the partnership route1) You need to manage the money going in and out of the business bank account.2) File a partnership return and be responsible for issuing K-1's3) make distributions to you and your partner for cash flow that you receiveYou will likely spend many hours on a nice gesture.I may want to consider instead to give a christmas gift or a bonus for early completion of projects.

Obviously none of they knew of the fire or looked at the property in the last few days.At tax sale I have seen people have bought:US Army bombing rangeExpired lease on propertyhouse with 3 walls, 4th wall missingsliver of land 2 feet wide50 foot cliff, access by helicopter onlyland at bottom of man made lake (literally underwater property)wetlandsflood plainsunbuildable propertyfailed perk testhistoric dig site, can't disturbproperty with no road frontagecondemned propertyproperty already scheduled for demolition soonformer gas station with leaking gas and oil tanks undergrounddry cleaning plant with toxic wasteSuper fund sitechromium factory with tanks and barrels of an unknown liquiddistillery with full barrells (ATF and state government was very interested and wanted to seize and destroy those barrells)Bigger Pockets Podcast #82 

we have a development in this area that should be completed in the next 6 months, 2 units. 

And the exit strategy with RE is much more difficult if you buy a property doesn't align with your goals.I completely agree with getting reps in real life, walking properties, talking to contractors and investors.

If I purchase in California, I would most likely do a House Hack as my primarily.

So you're not completely anonymous.

Water damage is one thing but getting smoke smell completely can be tricky! 

I would be cautious chasing the 1% rule, a lot of the time it puts you into less desirable neighborhoods or into properties that haven't been completely renovated.

It has been a huge point of concern for large investors as they want to hedge risk and co-living is a complete unknown. 

A buyer agreement is the legal document that provides the agent with the assurance that he/she will get paid if they work with you to complete a real estate transaction.