I remember NJ's real estate board was very strict on assignments.

They like many other employers are very strict with their job qualifications.

Since you have guru materials I suggest you read them strictly for the marketing views and overall strategy.

I think real estate would be a better fit for my personality than investing strictly in the stock market.

Also, how strict do the FHA Inspectors/Appraisers get when they come look at the property?

I'm sure you'll get some more experienced replies here but just to give you a couple items to start chewing on.I believe you may have two issues here compliance/regulatory and structure.I think that by bringing in a partner that is a strictly money person, but gets no management vote (I'm assuming since he only receives a % rate return), you have effectively syndicated or something similar.

But factor in the interest, insurance, property taxes, routine maintenance, lawn care, new roofs and furnaces, etc and its almost always a loser, financially.

Being new to this I am curious to see what some think about purchasing a town home as being strictly a long term rental property investment.

I'd think they would base a value strictly on the actual rents being collected, not potential.

We have a late fee(5%) and we're pretty strict about that.