If all checks out, I'll pull the trigger. 

Well... we have spoken to our accountant and insurance person, have our lending in place, and are meeting with our attorney on next Tuesday to sign our partnership agreement!  

Thanks Steven Hamilton II It is a continuous line of credit that would be used to buy stocks, private partnerships and properties.Since only a portion of the line would be used to buy properties (possibly multiple), would I just amortize all of the loan origination costs on the first property I buy with the line?

I am comfortable with my capacity to assess property value, but I guess it's some frugal trigger that struggles to quantify what I think is risky most of the time in upgrading some of the property.

I see no real reason to do this partnership.

You'll learn the business and begin to create contacts and possibly build a partnership with someone. i just graduated from business school and incurred a lot of debt about 50k save yourself the hassle and just hop full force into real estate. 

Once I got a good feeling for the city and areas I will select the property and pull the trigger. 

I need some advice on contractor/investor partnerships and property LLC information as I am starting a few endeavors that are leading me into uncharted waters.

Get a 3 year lease with the optiond. exercise your option based on the low NOIe. funding can be a JV, Limited Partnership or Bank Loanf. you job is to turn around the investment, increase rents, make it more efficient.See http://www.biggerpockets.com/blogs/3/blog_posts/39...

@Chris Siegler ,I have a bunch of units in the East Bay, and prefer to stay here, but there are lots of folks making money all over ;)  Make sure you do all your due diligence on your team, and on the area, before you pull the trigger.