If you buy class C or D properties you are going to have way more issues than you can ever anticipate on paper.

So I'm doing all the leg work and paper trail while he just pays holding taxes.

On paper the idea seems perfect, but here are some potential issues. 

Milwaukee is very often misunderstood; what looks great online and on paper (super low price, high cash flow) is usually fools gold in the form of a 100 year old hours that needs everything new, the poorest neighborhood, and high maintenance tenants.

Some places are cheap and look great on paper, but reality is very different as they have higher turnovers and more problematic tenants...they also don't increase in value as much.

---So, yes the numbers will look great on paper, but reality will be way different!

Or is it, because they are "private" money lenders, there is no public records to refer to?” Well

On paper, our municipality looks more dangerous, but if you spent 10 minutes on the ground you would realize the reverse is true.Some parts of the country basically have a "catch and release" program for criminal behavior. 

Apparently I can file the court papers online now but I have to select a commercial efile service.

@Scott Trench, you’ve more than adequately explained the two opposite scenarios for subject to.  Well