I've read somewhere online that you should do the latter, but at the same time if I were to calculate ROI as if it was a potential new purchase I would base the calculation on the downpayment, right?

@Lotta Rozenson,I recommend finding an accountant that specializes in real estate taxation.

As the other gentlemen have already recommended learn everything you can from books and online forums/group chats and get out to meet as many people as possible.

Current partnership for one Single Family is approx 50k down payment, 10k partnership/management fee, 10k put in bank account for operating expenses.

When should I form this partnship and open a business bank account to pool capital?

.- Accounting.  

@Kay Li I'm following this to see if I can also make some new accounting connections.

I have separate bank accounts set up for the property but was wondering if I should get a credit card as well? 

Since you’re not paying fair market value for the property, any legitimate claim can, probably successfully, convince a court that the “sale” was a fraudulent transfer.As to what to do, you’re not going to find an answer with which to base a decision on in an online forum.  

(SSIC) - http://www.meetup.com/TheSouthSideInvestmentClub/As well BP is a great place to network online and offers a wealth of knowledge from some great people!