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.

Hello Everyone, I am coming up on graduation from Georgia Southern University and will be starting my real estate venture at the same time.

One good resource on the topic is this article on Joint Venture LLCs.