I went w/Joe because of fit, he was very active in doing his own deals and eventually ended up partnering w/him raising capital on his deals and assisting in a variety of ways.  

I am sure the land can be subdivided because the neighbor's lot had the exact same thing done and the eventual parcels meets all zoning criteria. 

My plan as of now is to eventually have around 10 properties in the 100,000 range.

I originally had intentions of starting out by buying rentals, but met with an investor who started out flipping to raise capital and eventually bought rentals in which he now has 40.

I trying to understand what tax liabilities the partnership might be facing if they sign their GP interest and eventually their LP interest over to my entity.  

Fast forward to us beginning to see rent slip, calls from cranky neighbors, and eventually the early termination of the lease.

Today's market in some states/cities has over demand and under supply so the cap rates compress (more people bidding for every deal pushes the prices higher).If interest rates go up eventually the cost of money will be too expensive to continue and over bid and there will be a lot less people bidding on properties thus, less demand which in turn will cause the prices to go down.In markets where the demand does not exceeds supply the impact will be much less noticeable.

1) would you put the a/c under warranty and hope and pray and when they eventually fail use the warranty?

@Jamie Brown @Hana Ra You're on a good path if you want to be wealthy eventually.

Eventually, the rates have to go up anyway because banks can't make money at these rates.If you are in the middle of a deal now, I wouldn't expect rates to rise suddenly without a major fluctuation in the system.