I am looking at a condo that is located across the street from a Sonesta Suites extended stay hotel.

If I am all in on the property for 360k (purchase and some finishing construction as well as carry costs) and the home is valued at 450k or more (based on what im told by agents as well as my own analysis while staying conservative), that is 20%+ equity I believe, unless I am missing something.

I’d stay away from all of the people around the Multifamily Mindset they are like vultures preying on students to use them for free labor and family and friends money.

In those days it's not uncommon for tenants to stay for 20 to 30 years.I had another interesting rental episode with a tenant.

Being clear about what you want to do from the start not only helps you stay on track, but it also makes it easier to spot problems or delays before they happen.I totally agree that talking to people is important.

@Nathan Harden- agree about OH ....I went to school at Miami U and lived in columbus area for a few yrs  ...many friends that still live there ......I live in Seattle proper ( near  Magnusson Park ...also  own  2  properties in Mason County ......father in law lives on  close to 10 acres close to downtwon Medina so we will be dealing with  figuring out the  best thing to do with this  as he gets  older ( he is  83 now) ...stay in touch

I do understand that not partnering pushes back your timeline substantially...I'm in the slow and steady wins the race and stay small, own it all camp, though. 

Here is a solid example you can adapt for a joint venture (there are differences, beyond just nomenclature, for a partnership and a joint venture): https://templatelab.com/joint-venture-agreement/Again, I would caution use of this document without a professional to review it.

The relatives are vacating. only 1 tenant wants to stay through ownership change.

We both got lucky that the market stayed hot and allowed us to exit.