Another thing to consider is that if it was your personal residence, you may be able to exclude some capital gain income if you sell it within a certain amount of time.Best of luck.

I appreciate any insights or personal experiences you can share.

Dealing with private syndication is like dealing with individual actor that many times has different personality, nuances and lack of public/transparency skillset.

I guess the proxy might be what the person is paying now provided this isn't their first. 

Even under this scenario, with a 50/50 split, you will not be getting paid for doing all the work.Another option would be for you to put in 50% of the purchase price using an LLC that you own 100%, borrow the remaining 50% from your investor as a 2nd position loan at a fair interest rate with points, and borrow the rehab under your personal guarantee.Better, if you can find a lender who will lend to a newbie, and they are out there, you could borrow the purchase money using some of your cash as a down payment, as well as all the rehab funds using a construction loan.

Connect with a good maintenance person to have in case you eventually get that overflowing toilet call.

I personally never want to own a property where I know I will get a fight. 

Tennessee doesn’t have personal income tax but if we create an LLC we would have to pay state income tax.

For all loans, amongst other things, I have a recorded Mortgage/Deed of Trust, Promissory Note, and Personal Guarantee in place.Yesterday, out of nowhere, my bank reached out to me and asked me if my business was regulated.