Read this threads on partnering: How to Effectively Conduct Joint Venture Agreements as a Real Estate Investorhow-do-i-properly-construct-a-purchase-with-a-partnershiphttps://www.biggerpockets.com/forums/51/topics/591...Taking-on-partner-s-and-limiting-our-liabilitesQuestions-for-capital-partners/Real-estate-partnership-questions/And here is a diagram to help guide you on this quest - talk with @Scott Smith to get implementation details:

Hopefully he has also seen you deliver at work, and your willingness to roll up your sleeves and take on a task, without hesitation.many potential investors show up at meetups but fail to follow through or even have a plan.I'd suggest you take this further by developing a business plan and goal setting. 

@Kevin Buck As others have said we would need more info in order to properly assist you, but, your friend should look into the rules of the HOA first to see if the property can be rented (if he hasn't already). 

Most companies have a minimum earned premium of 3-months for this type of policy but at least you can be covered properly until the work is completed and you have a tenant in place.I would call an independent agent and get some better options.- Casey

yes I think so (unless you have construction experience yourself).. would focus on renovations, cosmetics first.. then go into development. 

However,  this is not the proper solution to accomplish this goal.See, https://www.nmhc.org/news/articles/the-high-cost-o...And, https://www.gsb.stanford.edu/insights/rent-control...Frank

It's a popular development but  we KNOW parking is an issue and that it came with only  one spot.  

This purchase was the result of developing a great Landlord/Tenant relationshipThis was not ever an option lease.It is now our primary home at our long time established community since 2014We are skipping the moving boxes shenanigans for now, yazz!

If handled properly it is not illegal.

We are planning to close next week (before Thanksgiving) and need to properly set up LLCs asap.