Usually it seems folks are attracted to second positions as a function of lower amounts of money to invest.  

Whether that is a function of too hard to teach or lack of knowledge of the teacher is speculative at best.

I see no real reason to do this partnership.

You'll learn the business and begin to create contacts and possibly build a partnership with someone. i just graduated from business school and incurred a lot of debt about 50k save yourself the hassle and just hop full force into real estate. 

I need some advice on contractor/investor partnerships and property LLC information as I am starting a few endeavors that are leading me into uncharted waters.

Get a 3 year lease with the optiond. exercise your option based on the low NOIe. funding can be a JV, Limited Partnership or Bank Loanf. you job is to turn around the investment, increase rents, make it more efficient.See http://www.biggerpockets.com/blogs/3/blog_posts/39...

Developing this skill unlocks your growth. 4) Unless you aim bigger and start with a cross functional team, you won't develop the skills in the business to grow. 5) You need 5 distinct skill sets in your team A) finding deals B) deal analysis C) raising capital D) construction and operating management E) sales and marketing.Some people say "I'm a contractor, or I'm handy so I'll start rehabbing houses".

Danielle Danielle,You are required to pay yourself a salary if you are taking money out of the business other than paying back amounts you have loaned.Even if you are a partnership you still have to allocate funds to wage like payments called "Guaranteed Payments" Those are subject to SE Tax.  

Also, the only functional water source on the first floor is a working stationary sink that’s been in use for several weeks and it’s not plumbed with pex at the moment.

So here is the main question I keep getting caught thinking I should do all these things like knock out the wall to create a better floor plan, replace cabinet set to allow for more functional use of space, crown molding, floor boards, ect.