Your son would be the initial minority holder.Have your lawyer set up a strong operating agreement that will not only provide asset protection but also keep your son as a non decision maker even if his shares interest increase in the holding LLC, making you the one in control.Every year, gift tax free to your son more interest in the holding LLC (up to the gift tax exemption fair market value).This holding LLC will file a 1065 and issue a K1 to all members.

But really it is little more risk than if I were to build a $600,000 single family home, especially because I live in a metropolitan area with lots of fouplexes (none for sale though unfortunately, because people hold on to them because they are money makers here).

I have wired many houses on my own (with permits pulled and passed) but when I decided to make this a legit business I had to do it all correct and use licensed people.RE license will save on the buy side and help get you in doors quicker. 

Each unit is two-bed one bath, but the second bedroom is only accessible either through the first bedroom or through the hallway off of the stairs (indoors, but outside the unit). 

As I work to make RE income replace my W2,  I I've been studying and analyzing larger apartment deals (attending Michael Blanks forum next month as well) and MFP's. 

Each unit is two-bed one bath, but the second bedroom is only accessible either through the first bedroom or through the hallway off of the stairs (indoors, but outside the unit).

You can find your tribe through MeetUp.com where you should especially look for your local Deal Maker Session, NationalREIA.org to find your local REIA, and look for any local landlord associations.Welcome to real estate investing and good luck to you!

The most important thing in my opinion is that the incentive structures are different between the decision makers at banks and investors.

@Robert Raffalo If you are rehabbing, than I would calculate it as ALL costs to make rent ready. 1% doesnt make money in my area so I dont use it.

You also know she's smoking in the unit (doesn't matter if it's a legal substance or not; smoking shouldn't be allowed indoors).