It is somewhat complex to try to explain on a forum, but at a high level, you (aka GP) and your family member (aka LP) would agree on how much the 2 of you would put in for the amount of equity needed (usually expressed as a %).

Plus, very important to understand the new layout and how the dig down will effect the existing stairs, plumbing, etc.Happy to connect and talk through your specific situation because @Bruce Woodruff mentioned every project is different and know one price fits all espeically with these complex jobs.Where at in Chicago is your building?

Having a group of friends living in an apartment complex creates a sense of community and reduces turnover.

I found an apartment for sale with an assumable loan. The loans has 35 years left with a really good rate. My question is how do I work out a deal with the owner so that I pay him back over time the equity? I don’t ha...

Complex Filings: Businesses with more complex structures may choose to prepare and wait for further developments.What’s at Stake?

In 2022, we also bought a gutted 56-unit apartment complex and fully renovated it in 14 months (over $2.25mm in construction)!

Your situation is a little more complex than most people and I highly suggest you consult an attorney. 

Landlord-tenant regulations are a bit complex in California and getting hands on is the best way to learn before expanding into larger investments. 

We also own an accounting/payroll firm and have a lot of MHPs, residential communities and apartment complexes as clients and have seen this happen a few times. 

I appreciate the condo board’s efforts as a unit in a predominantly o/o complex is worth more to other o/o buyers, but it has to limit my buyers.