Not all deals will be home runs, but nothing ventured, nothing gained.

So essentially, as long each of your (up to four) partners have some sort of active role in your partnership, even a small one, you can partner up with them via JV (joint venture.)At the end of the end, always consult with an attorney.

It'll be great to meet some Hawaii folks who are just starting out with their real estate ventures or those who would like to start investing.  

These can be summarized as follows:What are the objectives of the joint venture?

@Brad Ruttenberg good luck with your ventures!

With the building in disrepair, how would an investor approach this property knowing you were going to use it for another business venture of your own?

@Mike SteffenYou don't need to be a partner in his company to trigger a 1065 obligation.The mere agreement to share profits of a venture might rise to the level of a general partnership and trigger the 1065 obligation. 

Budgeting Cap Ex with % tends to drive you to lower rent properties.Everyone's opinion of what a  C neighborhood in Milwaukee varies, but I'd venture a guess your maintenance budget at 5% is a bit low. 

It's just venturing into the unknown that can seem scary.

I'm currently just in the smaller multiunit realm but at some point I'll venture into some larger apartment deals.