. :) Staying in that comfort zone is what allows you to control risk. 

The reason I recommend using partnership is to control how the income hits your 1040 schedule E.  

I honestly don't think it is justice for me.www.housingjusticeforall.org/goodcauseIf this goes through basically if you rent anywhere in NY, you have no control of your property and you are allowed to raise rents no more than 3% a year.  

You can get into trouble if you split up water bills among tenants with no control over use.

I GC myself for the extra income and to have more control over the timelines and quality of my projects, but I do envision a day where I simply hire out all my projects and focus on continually finding bigger and better deals instead of getting bogged down in the minutia of GC'ing. 

It would also be helpful if I can control it remotely through my phone. 

(He very brash and aggressive and wants to control the conversation)My assumption is he’s tried to sell the property before and was offered 80K because he keeps throwing that number around as what he would never take.He claims it’s a 3/2 ranch that’s vacant and sits on 5 acres of land that he owns free and clear of any mortgages or issue with liens or taxes.

He has already had to void the lease renewal for one tenant/friend who could not maintain clean standards and has just renegotiated a significant price increase for the second tenant/friend who is falling into the same issue - can't clean up after his dog, clean his bathroom, etc.The point is, without a lease to use as leverage, my buddy would be SOL and left to his own devices to negotiate with the neanderthals he got into bed with. 

I wouldn't make any investing decisions based on waiting for anything outside of my control.

Or are you looking to use a lease option strategy to gain control of a property from another homeowner?