Disclosure: Previous, current and future purchaser of Matt Scott's services.I have personally used Matt Scott and Incite Venture Capital to create my fixed income fund.

At that time, my friend encouraged me to get into real estate with the idea of creating passive income and wealth in future (via appreciation).

However, much older, and you'll be looking at many structural renovations in the future.

This is why I've ended up coming back to the midwest and some southeast - affordable home prices that are not all Class D, with some being Class C with the potential to become Class B in the future. 

Good luck with all your future REI ventures!

If the partner wants to get a bigger cut on future deals, they can save their money and buy into a larger percentage on the next deal.

It could cost you dearly in the future.

Will we ever use a PMC in the future?

If you're open to expanding your search some time in the future, I would recommend checking the Columbus OH market.

You already seemed to conclude you are forcing this deal, I would agree unless there's a reason why this property will appreciate significantly in the near future and the 40 year amortization schedule allows you to hold on for that to occur.