However, paying for heating and those crazy property taxes would eat most/all of that up in your case.The tax situation would make me think twice about investing in 4plexes in your area, period.

Everybody wants to have the cake and eat it too.

However, it does not HURT to incorporate features to a house that provide good FS...As long as it does not eat your budget and is relatively inexpensive of course.

The leverage amounts can put you and your portfolio under a great deal of stress and with each successful refinance (if you even get that far) you feel like this is the greatest thing since the dude climbed the beanstalk and found the goose laying golden eggs.

These take less money to get into and allows you to build up your nest egg for investing in other properties later.

When first starting out, in order to save money & build up your investment nest egg - you usually end up doing everything yourself.

Aside from noise and making it crowded, that would eat into profits with added utilities.

.- He is 900 mile away from me and the area that we will be investing in- He has nearly zero experience in real estate- The new entity's bank account will be furnished 100% with his capital for investing- I will keep 25-40k cash on hand for buffer to cover for screw ups, cost and expenses that I should eat- The Split of all proceeds is already decided- He maintains ownership of the initial capital infusionHow do we provide protection for him on the joint bank account so that I don't just make a large withdrawal and go on a bender?

Looking for a semi guided hunt where we can harvest a few hogs, eat well and have a Shiner Bock or 12 at the end of the day.Thank you.

(don't eat out,go to movies,etc.)The problem is you might not be alive in 25 years to enjoy it.That 1 million in 25 years is not worth 1,000,000 or even close to it anymore because of inflation.I believe the balance is in the middle.Enjoy today responsibly and do fun things but not out of control.As your income and net worth grows you still save and reinvest very heavily but your quality of life continues to improve.With some people it doesn't matter how much they make they will spend it all 100k,200k etc.Someone else could make only 75k a year but save and invest most of it and at the end of 10 years for example the saver has over 1 million in assets and the reckless spender has millions and million of bad debt.Partnerships are easy to get into and a huge mess to get out of so I think you need to decide on a different approach.