So far I've read a lot of great threads, subscribed and listened to half a dozen podcasts by BP and growing my respect for this community and the RE industry each day.My RE goal is to hit an income goal of $250k/yr within my first 5yrs and my end goal is to create a $20k/mo cash flow each month for retirement.

The short story: They seemed very nice, applications looked reasonably strong with respect to employment, income and they had a compelling story. 

Respectfully,DW

If all the partnership income and expenses are split 50/50, then each partner will get a Schedule K-1 showing each partner's respective share of the partnership income.

I'm not sure this is the right forum, but..It doesn’t take long around here to earn respect for other members.

Speaking of Earnest Money, is there a rule of thumb with respect to the amount a Buyer should include with an offer?

That's actually two questions...If it's non-refundable, technically you can do what ever you want with it.As for how you account for it, that's a negotiation between you and the seller.Would suggest you have a written document that spells out what you're both agreeing to with respect to the money.What I teach is that you get a minimum of 2X what you put up for the deposit/EMD.As an example, if your EMD is $1,500, then you should collect $3,000, non-refundable.

By statute, the lawyer and trustee are exempt (4735.01(I)(d) and 4735.01(I)(b) respectively) as is the broker.

Derek, with all so respect, I believe you're asking too many questions that have been answered multiple times already here on BP...when you have such broad questions, do a little of your own research first.

I agree with Jon's second paragraph, but make a respectful slight disagreement with the first.