Knowledge is power.Once you have purchased the community, you are going to need even more help and you are going to have a number of legal and compliance issues to deal with.

I am waiting for insurance money to repair the fire damaged property.Can anyone suggest a way that a JV could be implemented in order for me to get:1) $350k upfront for my venture,2) get value for the insurance for the repairs3) after repairs sell the property pay off the mortgage and split the profit and give the investor about $200k for the $350k investment (plus repair cost)Just to want to know if there is a legal mechanism to do this.

Does anyone have any strategies for keeping tenants paying as close to the 1st as possible without causing a legal issue due to the grace period?  

Is there a reason for your accounting and legal fees totaling $1,000 / year?

After 2yrs, you can use the rental cash flow as income which will help to offset your debt-to-income ratio.

The following link has a list of lenders. https://www.biggerpockets.com/blogs/3441/51027-nonrecourse-loan-debt-for-self-directed-solo-401k-investment

I would add another (secure) mailbox at the property and move my legal address (change your DL & voting registration) there to that property.

TL;DR – Can I legally duplex down into an illegal basement unit to capture the extra 2 rooms and bathroom in that unit?

The rate which you finance the loan is based on your credit and a host of other things they look at debt/income ratios etc.

Just to clarify, I don't mean partnership in the legal entity sense here, as I think we want an LLC with all of us being passive investors.