Capital accounts under Sec 704(b) should also be maintained for a partnership.Your CPA/EA should be taking care of all of this for you.

It's only going to bite you in the a$$ later if you don't take care of it now.

While it may not have been to the letter of the law, all the tenants on leases cared about was their rent not going up, that we acknowledged they had paid a SD, and that we did not change when their lease was completed.

@Kena Bostick my suggestion find a deal (s) everything else will take care of itself. 

After Work Is CompletedIs there anything that I should be looking for specifically to ensure the smoke damage is completely taken care of?  

This is a good indication that he wants to stay long term, but you must be careful not to set the precedent that he can do this without going through you.

I realize i need to research carefully to be sure I fully understand it and my rights are protected.

Always be careful with condo  developments and do some thorough due diligence before making your offer.

Some of them are stupid, but you know what I don't care.

No offense as I'm sure you're serious too, but someone who brings $1000 or  $2500 to the table is going to attract my attention more than a buck.