Hello BPers.I'm looking into converting the seldom used formal living room into a master suite with private full bath. 

Thanks for the responses guys.So if I am understanding things right, my partner can bring the down payment, he can be the one on the loan, but we could still have a formal JV or Partnership agreement between us where we would split things such as interest deductions & depreciation as well as cash flow and long term capital gains '50-50'?

So in my state you have an inspection period after which there are options: present a formal "inspection objection" whereby you either withdraw from the sale, or request certain items to be remediated, or you ask for a cash discount so that you can remediate those items yourself.

An LLC is only as good as the formalities that are followed in the LLC.

Now I would follow up with a formal LOI at MY price. 

most states require a formal property manager to be licensed.

This is more likely if you do not observe corporate formalities (e.g., maintain proper documentation, segregate your and the LLC's accounts, and keep adequate reserves in the LLC's account(s)).4.

Force them to make an immediate commitment and if they decide to leave and have them sign formal notification.

I finally decided to formally introduce myself to the Forums. 

Most of them have formal research and investigative backgrounds, in addition to being bright, organized, knowledgeable, hardworking, highly competent, good at taking calculated risks, and, of course, quite wealthy.