The reason I say that is because, the IRS requires distributions (RMDs) in order to have the taxes get paid on that money eventuallyl. 

In reality he is a high paid, likely already working a ton, attorney - he very well may not want to average an extra 10 hours a week of work year round to make it work. 

I'm kind of a purist, but I'm hesitant to put in an all new floor (pull up the old ones, level the new wood flooring on the beams) because A) It's expensive B) it's a loud, big job and I have tenants on the floor below. 

Big expense up front, additional expenses over the life of the lock, they can be too complicated for renters to figure out, and they don't solve all the problems a landlord may face.

It is an expense, but they keep it all legal and compliant.

Paid-in-full real estate almost always results in sub-optimal returns.Do this math. 

As for brokers saying "I don't work for free," they'll be paid out of the seller's agreed commission.

In the past we dealt with one guy, we paid a little higher interest but the ease was great. 

Recapture typically happens only when you sell the property.If you use the property partly for personal use and partly as a rental in a given year, depreciation and other expenses must be prorated based on the number of days it was rented versus personal useBased on the current tax laws and regulations, once you've taken bonus depreciation on an asset, you cannot "capture" additional bonus depreciation on that same asset in future years, even if the rates increase.In the 2024 tax year, the rate for bonus depreciation is 60%.

My thought is to help him out by going in 50-50 partnership for many reasons: half down payment, half capex expense, strong co-signer on loan, me being local to investment property to take care of little things that need attentions (he will be out of state for his job/I will have PM), etc.  1.