Most investors avoid rentals in the city at that price point because  of how favorable the courts are toward tenants.

He suggested a 60/40 in favor of me, which sounds reasonable.(2) If we renovate and decide to keep the property and rent it out, how do we structure profits?

Account Closed  If it's me and I'm starting over, having the working knowledge and BP info, I'd be sure to choose a spot that's growing, reasonable in terms of cost, and has favors landlords (assuming you want to have long-term rentals). 

After taking over an LLC that controls 4 condo units, each with mortgage balances of $13k w 75% equity, I need to refinance into a more favorable mortgage.

Worst case if something happens to the developer, you would have the land.Reality is at this time supply and demand are in favor of sellers (developers).

Property tax, favorable laws, & growth rate are so far the main difference I see but really dont get me to a specific area.

Get that right and you stack the deck in your favor. 

@Robert PrellMichigan laws are not favorable at all to Tiny Houses.

@Steve Vaughan @Andrew Boettcher @Frank Wong @Erik Whiting Thank you all for the responses.I know in MA the laws are in the tenants favor.

I'm looking to connect with some individuals or companies who would be interested in working out some favorable deals for them in exchange for experience and connections.I feel as though I would be successful because my other endeavors includes locating assets, making relationships, information gathering and management.