As you have a discussion with an attorney, discuss the following items1) What is the proper allocation of profits / losses to each partner / member2) What happens if a member dies?

The states DO NOT want the Federal Government controlling with a national sales tax and having the FEDS dictate to the states how and where to spend their money.I don't see local government giving up control on allocation and collection of local revenues.This is just not going to happen.How many times does the FED promise the state something and the reneg on it??

Hopefully this is not the case and much of the $10m allocated will go to LL for bringing the units back to a safe livable state.  

It just seemed that the driving force was more the size and bedroom allocation than the grade of the property - as long as it was at least in a descent neighborhood.  

Hi BP Community! I am actively working on sourcing and locking up fix and flip deals. These deals would have adequate equity in them. I am looking at 1-4 unit properties. The properties would be in a distressed state ...

The other side, if you leverage (not over leverage) that same capital and buy a piece of real estate at smart numbers and have a reserve, you allocate a portion of profits after all expenses and replacement reserves to paying off that debt systematically while buying additonal properties atleast when the debt is paid off you are not starting at square , and have grown your net worth.Re-investing can be rewarding and fun, it can also be scary at times if you over leverage and jump in just to jump in.

I am a first-time investor and want to ensure that I get the best 'bang for my buck', especially since I do not have the capital to allocate for a hefty downpayment. 

You can allocate the proceeds of your sales anyway you want. 

I would inflate the price of the property to cover some closing costs and allocate those funds to writing the check for the furniture. 

Also, I'm not in Iowa but as a matter of comparison, I typically use 15% for land allocation in MA so I can depreciate more of the purchase price.