I have to say a partnership agreement is THE defining agreement that protects you, your partner, and delineates all responsibilites of the parties, including what to do when you cant agree on things, and what happens when you want to break up the partnership.

It also includes the cushion that i have for lowering my sales price to account for the fact that some buyers may not qualify for a $150k purchase, but may for lets say a $135k one.

Many times the income and expenses from the entire operations are lumped together and the seller or broker says the property is priced at say a 10 cap.

Yes, it 'IS easy for [us] to say, as most of us have probably 'been there, done that.'

A public record search can be done but it is difficult to fully investigate and determine what issues exist if any.Let’s say a tenant falls down the stairs on May 10 and you buy the LLC May 15.

I like the house because it sits on a large lot (42 X 90)and my thinking is one day I might be able to convert it something bigger, say a four family or more.

Our position may too conservative, but as they say, a bird in the hand... 

Some people swear by LLCs, and others say a good attorney can pierce your liability easily and all you did was spend extra on LLC taxes and maintenance. 

I feel a heavy hitter can be anyone in the real estate industry, doesn't necessarily have to be an investor per say. As

It’s not so much what you say as to whom you say it to.