What are their management fees and how are funds allocated ?

But if there was a going concern business that you wanted to purchase that consisted of both land/building and other assets you could 1031 your investment real estate into the land/building allocation for that business.

Many time when you show up in person, it not only help build relationship but they also waive the fines, after all they are doing their best for their residents by accepting non paying job and trust me it is lots of work and time they all allocate.

Typical items to include in a partnership agreement include1) How income, losses will be allocated to each partner2) What would happen after the result of an unforeseen event(ex. death of a partner)3) how/when the partnership will disolve4) Who will manage the partnership5)etcOnce you have the partnership set up - the partnership will not be eligible for conventional financing.

Just remember; K1's (taxable income allocated to you) and distributions are completely separate topics and almost always move independently of each other. 

You start depreciating $120k next week.Disclaimer: my example does not consider a few important issues, like closing and holding costs, financing, land allocation, etc.

These can be allocated on the depreciation schedule, and depreciated at a faster rate.

Search the forum for recommendations on how to allocate the purchase price.What costs can you flat out expense, and what have to be added to the property and depreciated?

Heat Map of highest allocation of distressed properties. 

It is also good to know the cost of repairs in advance and again have these cost allocated in a reserve account . 7.