@Gabe Goudreau, I have traveled down this path already and I can share some quick things that I went through, you can check out my background on this thread: I quit my CPA Job to buy Large Apartment BuildingsFrom my experience and since this is your first deal, the arrangement you shared of 50/50 or 60/40 would definitely be rare.You will probably need a loan sponsor and you need this person more than they need you.

The tenant defended on "Check for partial rent not received" (which I sent by certified mail and they never picked up, so I got back) and some pest issues (which I have proof of getting pest control done a few months back )Also, the tenant never notified me for any of these in written way, Also, very sarcastic, rebuked several people on property including not paying rent on time.Are there tactics that tenants employ in such situations or get a state sponsored (no cost to them) type of attorneys to stall the process or draw it out?

When evaluating a multi-family investment opportunity, the sponsor will provide annual CoC projections.

Syndications offer a lot of interesting opportunities for investors especially the ability to work w/various sponsors (that are experts in their area), different niches (like apts, self storage, mobile home parks) and geographies. 

If you have employer sponsored insurance you probably can't get a deduction for additional individual insurance.

Keep in mind also that most agents are not brokers but must be sponsored by brokers and so are looking at closer to 1-2% after commission splits.

Investors usually invest in the sponsor first and the deal second.

The sponsor did.

Given you have no history, I do not think you have a choice but state sponsored work comp ins company, or at least that's where i got started.

@Matthew Stoughton There is a BP Meetup sponsored by the wildly handsome and distinctly articulate @Phillip Dwyer in Henderson next week, 1-30-14, 7:00 PM at nacho Daddy's just off the 215 and Easter.