I wanted to know what are your thoughts on the 70% rule.

Explore out-of-state markets like the Midwest and Southeast, use local property managers, and join online investor groups.

Or you can just be flexible on closing those properties so he can line up the 1031.

I have seen it on padsplits in ATL on the brokerage side - best way to mitigate risk is on the purchase AND exterior maintenance. 

Make sure you get him/her on your team.I believe in multiple partners on a business like this since (except for the alumni friend who actually might not have that much experience), y'all have no experience.

I had a drafted reply to you and still working on this deal. 

Understand the basics of private lendingResearch real estate marketsDetermine your investment strategy and criteria for loans, including:- Amounts- Interest rates- Repayment termsCreate legal documents with a lawyerNetwork with real estate professionalsPerform due diligence on potential borrowers and their projectsBegin with smaller loans to gain experienceMonitor your investments closelyConsider joining a private lending group for additional resourcesStay informed about real estate trends, lending practices, and legal regulations

The short answer is yes, they should provide you with an itemized reciept and if they are markign up, that should be a clear line item.

You pay the tax on the gain allocated to the years of 'non'qualified use.4.

I attend both and I'm on the Board of Directors of R.O.A.Finally, DM me here with your phone number and I'm happy to open doors for you locally.