You may want to start an LLC with the partner so they are officially and legally keeping control of their money and investment.

The problem is that this is NY, and here the laws and options that we have here only mean as much as the officials willing to enforce them.

Well, you've beat the official rate of inflation, so that's good.

. / @Anson Young- we believed FHA (or owner occupancy loans) would be a good start for our first rental with less required into the deal allowing us to learn from the experience and deploy the rest of our funds to our next properties.

My first purchase was a 2 bedroom home with a den off the main area that only needed a built-in closet to officially convert it to a 3rd bedroom. 

Then I'd like to  make the rest of my own contribution as employee of ($19,500-$6645) = $12,855 to equal the maximum allowable of $57,000 (37500+12855+6645) If this is how this works...I'm assuming 57k is max across everything...My question is, since my main job has already payed both the employer and employee portion of the social security tax, will I only have to pay medicare taxes on my 2nd business?

With first of month...all people are locked out  and officially late on the same day...with anniversary billing, you essentially have people that need to be locked out or notified of being late every day of the month.

So if your $1,000,000 oceanfront property gets swept out to sea in a raging Nor'Easter, you can rest secure that you'll collect $250,000!

Deal:Money Out of Pocket: 30k (rest is financed)Buy: 50k with 5000 closing costsRehab: 100k roughly based on my estimatesSale: 200k and 12k commission

@Jeremy HuaWe invested $50,000 to purchase the property, the rest is a commercial loan.After all expenses, vacancies and repairs the property cash flows $800/ month ($9,600/ year).$9,600 against a $50,000 investment is a 19% cap rate...