Also, if you are buying individual units you want to see if there is an HOA & learn how that will impact your investment.

Preferably finding distressed properties, fixing, and holding.

I prefer rentapplication.net because I can customize the application and I can require specific documents be uploaded. 

Are there any other out of state investors here who have a preferred lender for investment properties in Milwaukee?

Partnership operating agreements are very flexible.You could do a waterfall schedule for both allocation of income and capital distributions.e.g.1) You're allocated a cumulative fixed annual return on your unrecovered capital contribution (6%, 8%, 10%, you name it)2) Profit in excess of the fixed annual percentage return is split 50/50.Capital distributions could be something like: first distributions are to recover your capital contribution(s), then preferred return accrued to you, and finally the 50/50 profits.Food for thought. 

Companies that require more than 10% down scare me and prefer not paying anything upfront.

Is there any issue with renting out rooms IndIvIdually?

If we sell and buy in our names, when can we get both individuals into a new LLC?

Good locations, add value, cash flow, prudent debt, and reserves.We invest in individual properties, not the entire real estate market.

I guess he prefers to do most of the investing on his own.Although it's good I wouldn't mind turnkeying either if it profits me at the end of the month.Thanks for giving me your feedback!