I am willing to sign a partnership agreement for the $17,000 with 15% interest, where I will pay monthly interest payments, and cash out the investor in six months when I refinance the home to finish the basement.Also, I want to get this deal done because my lease on my apartment is up, and I have a cashflow property that I want to invest in, but I want to take advantage of this deal first.

In addition to any other penalties imposed under R.S. 37:1455 and 1458, the commission may require that any person engaged in real estate activity without a license return any fees collected for engaging in real estate activity.7) "Real estate activity" means any activity relating to any portion of a real estate transaction performed for another by any person, partnership, limited liability company, association, or corporation, foreign or domestic, whether pursuant to a power of attorney or otherwise, for a fee, commission, or other valuable consideration, or with the intention, in the expectation, or upon the promise of receiving or collecting a fee, commission, or other valuable consideration:(a) Sells, exchanges, purchases, manages, rents, or leases, or negotiates the sale, exchange, purchase, rental, or leasing of real estate.

Regarding question 1: Get a partnership (and operating) agreement in place, defining every detail in advance (as much as possible at least).

I'd be interested in hearing from anyone local who wants to talk about the market, strategies, possible partnerships, or maybe even share some good references for investor savvy accountants, attorneys, contractors, managers, etc.

Will,I'm going to invest in a limited partnership that will aquire and own properties.

I would get some education, find some money, do a deal, and find people that you can partner with to negotiate the 30% into the partnership.

A multi-member LLC would file a partnership return, but that doesn't sound like the case here.An LLC does have to maintain its standing with the state.

You have all the skin in the game yet they are getting a good portion of the benefit.Yes, I'm embarrassed to say that while the stakes weren't nearly as high, I very stupidly was the money in a partnership where I didn't get on the title and I was ultimately left with nothing but a judgment that I can't collect.

I found the motivation for selling (death in the family, broken up partnership, etc...) and did my research.

The best ideas I have heard recently are a payroll tax holiday and decreasing constraints on investing in partnerships.