First- Time Deal Lessons:Power of partnerships, relationships are everything.

It was assumed that the split structure was a function of being late in the market cycle, if that is the case do you think these deals will become less common and this practice will revert to kore traditional deals?

The house needs to be safe, functional and pleasant for the tenants.

I agree with what everyone has said so far, but I want to add something from your original post:You said you don't currently know anybody who you can partner with, but this doesn't mean you should neglect partnerships for your first deal.

Should we form an LLC or a clause in a partnership agreement?

So, if you and another person have existing personal partnership or joint venture enterprises, having your IRA transact with that person could be questionable.

That is our functional equivalent to your rezone scenario (not really but close enough for discussion), and here the project would simply not be able to be approved for individual sale.

Landlords provide an essential function in society. 

Overall, the complexity associated with assuming ownership of 1/6th of an existing partnership seems quite high (unless the LLC bylaws already provide a mechanism for transferral of ownership)?

Find a great agent (I have one).If you decide to partner on the deal, draw up a Joint Venture agreement, or a joint LLC with an operating agreement to make sure you both are protected, and what to do to exit the partnership.