I'd begin with the broker, see what bases need to be covered and then approach an attorney, might make his job easier and cheaper for you.

The classic approach is to refi out some cash and buy another SFH for yourself.

I don't know how you deal with the Mello Roos in Ladera... approaching 2% on property taxes for homes on tiny lots with bad freeway access... yikes.

I'd approach every interaction (including posts on BP) without that bit of information in your mind and ignore it anytime he brings it up.

We always had this approach when buying property."

I have a town home i brought it for 200k, and added 5k to renovate.The rent i get is around $1650.

@Chris Attiliis - congrats on getting going and that's a smart approach for your 1st property.

We were going to both invest $50k and split 50/50 on the profits on that triplex, which would have brought us both about $300-$400 / mo profit after costs.I want to trust him, but I also want to safeguard against anything going wrong.My goals are to simply buy property, both Multi-Family Units and SFR's, and create a passive income stream to help me with my goals of going back to school and creating something bigger with my life.Any advice is greatly appreciated!

@Omi Chandiramani - welcome to BP and I LOVE your approach.

I have heard of two occurrences in my city where someone purchased a home and the city would not turn on the water unless the plumbing was brought up to code.