You would be depending on a judge to form the same view so it needs to be obvious to someone not involved with the project that your partner is really engaged in a significant way.All text below can be found at the website for FindLaw.--------------- "The "Howey Test" is a test created by the Supreme Court for determining whether certain transactions qualify as "investment contracts."

With it being sold AS-IS, that makes me think there may be some potential roof, foundation or mechanical hiccups.

If anyone has had experience with something like this, what's the likelihood of foundation damage or other potential longer term issues with the house due to sewage flooding? 

People always need to get rid of houses for personal reasons (Death, divorce, financial), some houses will always available that need significant repairs(roof, foundation, etc); therefore, opportunities are always available.

In general, you need to start with a foundation as to why syndication, it's pros and cons, best and worst cases scenarios, and then discuss your partners background and the track record, as well as your future plans.

The set up seems to lend itself easily to being 3 units.I already know the building needs a new roof and likely some foundation work.

I'd heard previously from my neighbors that they'd had the same problem.When I bought the home, the builder had given a 2/10 warranty which covered the any defects in the foundation for 10 years.

🤔The mindset foundation has to be strong so that when obstacles show up in your journey towards financial freedom, you know it's just one of those things and you keep on moving. 

Continue reading/learning; education is the foundation of this exciting industry!

ReedThese books should give you a solid foundation off which to begin growing your commercial real estate portfolio.