Just a thought.Get your hands dirty asap after a few months of learning real estate and see what kind of loans/partners you can get.

The correct treatment would be that each of you would have been reporting a % of the activity of the property as tenants in common in the absence of any other ownership structure.  

I'm eager to learn as much as I can to create the empire I know I am meant to build for myself.While I don't have a real estate background or have all the knowledge, I do know what kind of life I want for myself, along with some great work ethic.  

The upside would have to be significant for me to take on this kind of risk and spend that kind of capital, especially if the house becomes unlivable and has to sit empty during construction time.Really appreciate everyone's feedback, it's been so helpful to have folks familiar with REI to bounce ideas off.

I've already got one lined up and looking for the kind of deal I'm looking for.

If you have (which is kind of early unless you deferred from previous cycle), then congrats! 

I doubt someone would make that kind of statement if they just got "scammed".

It is commonly referred to the "Due on Sale" clause.  

Its kind of overwhelming at the moment but I am determined!

Also what kind of paint would be used and how does it hold up (this is a big deal in rentals)?