To me, the idea of LLCs is business smart because it not only protects personal from business assets (as well as one asset from another), but really spells out the expectations in the operating agreement and, possibly, a subscription agreement if there are multiple investors.Feel free to reach out to me or members of my team if you want to learn more.

All this would be spelled out in a contract of course as far as that arrangement. 

Make sure everything is spelled out, cover the details on each scenario, if it all goes well, and if it goes south. 

the agreement must spell everything out... all responsibilities, who does what, what you're both contributing to the venture etc. make sure its in compliance with current state laws. get it notarized. get a separate bank account & EIN from the one you may already have. good solid friendship or not, business is a different world. kudos,Mary 

Owners need to learn to look past the score and focus on what is inside the credit report - late pays, active collections, judgments, repos - anything of that nature spells D-E-A-D-B-E-A-T.

I'd just like to amend your post by correctly spelling his name since I too would be interested to read what he has to say! 

. - I actually sent them a notice for several things (I do know that lying and being filthy are not reasons, except where such things break the lease - like not keeping the garbage in bins outside, spelled out in the lease.)

HOAs are like corporations in that they are required to have periodic meetings, this is spelled out in the by-laws, and to keep minutes of those meetings and budget discussions and written budgets.

Do you prefer a steady schedule and steady income or do you prefer a flexible schedule and a shot at big money (and big dry spells)?

Unless you can buy the whole complex, I would stay away from condos otherwise you are chasing money as @Bill Spell said.