I've had folks (family members, business partners, etc.) do this as a way to either (1) come up with the minimum investment if neither party has the full amount alone, or (2) diversify; meaning, if minimums are say $50K and you only have $50K, you can invest in two deals instead of one by combining money with someone else looking to invest $50K.Disclaimer: I'm not CPA or attorney, just speaking from my own experience!

I know I’m a little late to the party but I’m new to this investing thing and think this would be awesome.

Are Maintenance/Repairs held in-house or done by a 3rd party?

I got wind that the builder is checking their warranty language (outsourced to a third party I believe) to find a way out of responsibility. 

Win-win for both parties.

BRRR....How do I get the refi part? I

How would you compensate all parties.

Also, it may be fairly easy for me to do because my dad is a licensed full time general contractor and has been for 20+ years, so I'll feel a bit better trusting him with the project (and getting my hands dirty as well) rather than trusting some slimy third party contractor. 

I imagine hardie-back siding will be pricing too because just the demo part is big job.

You can make changes to a contract only if both parties agree (Lease Addendum).