And yes I have done one in 50 years in the industry.Facts:1. purchase contract and gave 50k up front to bring tax's current. 2. it was all cash no contingencies.3. seller just goes dark no response to anything.4.

Thank you all for your comments.I read all comments and I appreciate the feedback.I will comment on a few of the posts in my response below.Here are a few things I'd like to mention...Patrick was a valued member of our Multi-unit Acquisition Program (MAP).As a member, we determine one's purchasing power and diligently search for deals that meet their criteria and purchasing power.In real estate, there are a lot of moving pieces.

I kind of get excited when I see these silly laws in other states, because I know mine will pass a law to give me MORE rights as a property owner in response to that. 

I appreciate the response.

You have two things going on, and they are unrelated for tax purposes:1. doing rehab and paying contractors2. borrowing money from a HM lender

Sounds like it makes sense for you to partner, I would suggest: spell out responsibilities very clearly, how you make decisions and most importantly: have a very clearly spelled out exit. 

Your responsibility is the help the public in all their real estate needs.

Sometimes the tenants are coming from shelters or other communal type of housing where maintaining a space my not be solely there responsibility so maintaining the unit may not be to your liking. 

That is the purpose of umbrella insurance. 

Thank you for your response—I appreciate the insight.