We want to detail the responsibilities, capital contributions, profit and lost sharing percentages, decision-making process, have dispute resolution methods, and exist strategies.

And, capitalism works to lower housing prices when this process is allowed to go into effect. 

This is a complicated situation with multiple layers to consider, so here’s my take based on your questions:If you’re looking to move assets from the partnership into individual LP (Limited Partner) names while avoiding capital gains, you’ll need a strategy that complies with tax regulations.

Cash-flow is for "keeping the lights on" as in covering operational expenses to defend against any need for additional capital investment. 

That being said, the structure will matter, especially if any Pref or cashflows to you are being structured as a return of capital vs distribution vs something else.

If you can save money and renovate and the ARV allows you to pull your intial capital out sooner, I say go for it!

Appreciation takes time and from everything I have seen and read, the Northeast is a good place to be for appreciation if you have the capital to start there. 

I feel like this may be the best opportunity for house hackers as there will be some early adopters who capitalize on it because you can basically turn a single into a multi.

@Jenna SchulzeAs a newbie investor with limited capital, I’d invest close to home.Invest in areas you know well.I’ve been in the RE industry since 1978 and people always ask me:What’s the best market to invest in?

You're spending over $600k (purchase price + rehab + fees) to make $25k, and then you'll have short term capital gains on that...