Remember many states actually don’t recognize land trusts at all, so I think it really comes down to the specific state you are operating in and your goals as far as how many properties, wholesaling, flipping, or holding, whether you are buying long term investments for your grandchildren, or looking to sell quickly, whether you invest in properties alone or with a partner, or multiple partners, or whether each deal is different as far as investors, so definitely speak with your accountant and lawyer before making any decisions. 

Ie for a year or so they recognized all of the expenses and none of the income.One other thing, there are some loans out there (although I haven't ever used them) that allow you to do a rehab loan similar to  a construction loan.

Is the Waterfall Framework the best or only way to recognize each person's contributions? 

Take the mindset of a tenant and recognize both the good and the bad of living there so you can prepare for any and all complaints or, better yet, make the repairs needed to ensure top market rent.

I did some research as well and recognized that I have more chance getting financing and liability protection with an LLC.

Upon sale, the money partner would get his capital back, then you'd split the proceeds.Like I've said before, it's important to recognize the value you bring on the operations/management side.

This is just the sort of fire I was hoping to see my feet held to.Though we have sufficient W2 income to cover the negative cashflow I recognize your point about the opportunity cost of having these funds sunk into this.Also, the lack of ability to refinance (since it would return to or exacerbate a negative equity) is obvious but had not occurred to me.

Banks will NOT finance any deal that has an "assignment" and banks also don't recognize a property as a wholesale deal or not.

Feel free to contact me at XXXXXX if you have any questions regarding the move out proceduresRegardsXXXXXXXXXXThe acceptable forms of delivery :Certified Mail(Along with regular mail)In PersonAttached to the inside of the doorEmail- Not all JP Courts recognize as of yet

Often the intrinsic value of a good education is not recognized.