If he is going to be an active partnership then I suggest you give him spreadsheets detailing every aspect of the deal or deals you're doing.

I keep hearing of homes that cannot be financed through traditional means due to condition deficiencies like broken windows, non-functioning kitchen, no running water, etc.

In effect, I had a partnership, with my parents.  

Use the search function to locate some people in your area.

A "real estate broker" is any person, partnership, limited partnership, limited liability company, association, professional corporation, or corporation, foreign or domestic who, for another, and for a compensation or valuable consideration, does, or attempts to do, any or all of the following...In Utah, we have a list of exceptions including being a principal on a transaction.  

In most cases, your fitness function is going to be so non-predictive, and all you need is "good enough to be profitable and low-maintenance" not "the very best in the pool".2.

There might be a partnership opportunity or more flexibility based on the deal.  

I'd suggest you hang as close as possible to SEC regs and/or utilize entities and partnerships until these aspects have a final determination.

You could be looking at a lot of functional obsolescence in twenty years.

I have one company (partnership) which owns rentals (comp1).