Are the capital gains going to eat a chunk of his profit?

On all our properties we have deleaded over the years to get the valuable certificate of compliance.i on the other hand decided not to renew our license due to cost past to homeowers and my crews not wanting to perform these tasks. 

You'll need some income and credit history as well to get started...start building that now...you have an ocean of time in front of you.Not sure how valuable finding a "partner" will be when you don't have any experience or capital.

I will be at the 2yr mark in November of this year which would eliminate any taxes on the capital gain I have.

But I learned a valuable lesson. 

I have already reached out to a nearby Fidelity National office nearby and am expecting a call back to gain more information.

Investing involves risks and rewards – and usually the higher the risk, the greater the potential for significant gains and losses of invested equity.

Also, in 1.5 years we will be dealing with having to pay capital gains on the place (lived there 4 years before renting out).

We would like to be able to split both the yearly 'cash flow' and the long term capital gains '50-50'.

While you’ll certainly gain some knowledge, most are not worth the cost.Set aside 3 or 4 days and spend hours listening to the BP podcasts, interacting on the forums, and reading real estate books.