The license course takes a couple weeks of my time, and it will be about $500 to get the license (that is with courses, exams, books, and other fees).The house is generally worth $220,000. 

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We are using bank financing so each member is responsible to pay the down payment plus closing costs equivalent to their percentage of interest in the company.As far as the payroll taxes or 1099 that is something our CPA will be guiding us through.

Any books you guys recommend on reading on dealing with deals like this?

I am just reading a book that is called "Keep It" about advanced tax planning for IRAs or any type of similar retirement plans (thanks to whoever recommend it here) that has TONS of great info and I would HIGHLY recommend it.Dan Dietz

Since I found the BP website about 4 years ago I have dedicated myself and I have all the time I need and spend all I can on the internet and I read a book about every two or three weeks. 

Are there any books you guys would recommend I read?

Are there any books you guys would recommend I read?

I highly suggest you to read, "The Ultimate Beginner’s Guide to Real Estate Investing."

In fact I'm staring at the book on my desk right now debating whether or not I should re-read it or give some other books a chance. hahaAs I'm sure you've realized, BP is a treasure trove of information and experience.