In addition, the "buyer" is the county sheriff so in essence, I'm fighting a battle with a local cop while I'm the outsider! 

Building (additions & alterations) - review your condo declarations and bylaws. 

Do they charge any additional for placing a tenant like the first month's rent? 

Purchase price: $601,000 Cash invested: $450,000 Contributors: Jess Haas Rental Type: SFH(4bd) + ADU(2)Condition @ Purchase: Heavy FixerStrategy: Dormer Addition + ADU

The financial adviser that is establishing our lines of credit is charging 8% of the line of credit up front, with no additional payout to him thereafter.

In addition, lenders for larger commercial multifamily often want you to have previous experience managing rentals. 

I've always been self employed, but if you have a stable W2 job, lender underwriting should be pretty easy and painless to get approved for a loan and see what you qualify for on financing.Good luck!

.)- Workers Compensation (even if you are not employing anyone)There are other coverage to consider depending on your operations.   

I think I am gathering here from the responses that we are safe to say as a GP we own the property as are the other sponsor, but for additional clarity, disclosing shares in some cases may help bolster tacit understanding of who does how much of what.

Just understand the additional risk.