For example, you must identify (formally) your potential replacement properties within 45 days of closing the sale of your original prop AND you must close on one of your identified properties within 180 days of your sale.In order to avoid taxation completely you must purchase a property that has the same value or GREATER than the value of the property you sell, AND, you must have at least as much equity in the new property as you did in the old.

Not having any formal accounting or bookkeeping education and not having much success trying to learn from YouTube videos,  I decided to go with an accounting firm that does Quickbooks training. 

You will both save big money because their is no loan origination fee, no escrow fee, however you will need to work with a title company too formalize whatever your attorney draws up. 

But that all also took a long time (20+ days) since we had to schedule formal inspections and wait for the building inspector to come and give his okay at each phase before moving on with the next steps.Now, since we're doing the exact same work with the exact same contractors in the remaining 120+ rooms, I was hoping we'd be able to breeze through them without the need for formal inspections at each phase.

I've roamed around the site and the forums a couple weeks now, even commented here and there, but have not formally introduced myself.

I think I am doing that now, just not formally. 

A formal eviction is necessary 

My partner and I are just starting out with getting into real estate, and we feel that we should take some steps to formalize our partnership first before we really dive in and get ahead of ourselves.

But now that I see some of you guys are doing this, I will consider this type of setup.Many more important tips I got here, but I need to review more formally and get back to you all!

Such a partnership sounds worthy of launching a formal contract to define non-performance and to make their promised reimbursement policy enforceable.