On another note, always shop around and  try to find contractors you can have a good relationship with that will not over charge you and that you can trust to do good work when you need them. 

It it were me, I would want 51% -enough to show a majority interest, so you can shop for lower insurance as you stated.

Not sure If I will see that appreciation in any other area that I am shopping. 

Proximity to shopping is overrated - people don't care, anything further than walking distance doesn't count.

@Steve Rozenberg  I think your a little late the the AUSSIE buying frenzy there dollar is hammered does not make a lot of sense for them to buy US rentals right now.. most folks that made a killing a few years back have closed shop from lack of interest..

For example:My Primary Residence in Las Vegas- SW gated community, near LOTS of shopping (Best Buy/Walmart giant shopping center) 2848 sq ft 4 bed 2.5 bath single story.

Show that you are young and smart.

Thank you Mindy, I've taken some of various real estate investing seminars, work shops boots on the grounds, buying summits. 

We will be looking for a property near by with a residential house as well as a heated shop of around 1000-2000sqft on the same property.  

Getting involved with a partner definitely seems like a smart move for me.