If you are set on doing this, then you should consult a lawyer to draw up a contract detailing all the possible issues (death, sickness, divorce, etc) and everyone's idea on how to handle it. 

Now we looking to go into commercial properties or buy a package of homes leveraging a loan.I like to get details on the loans avail from members here.I can give you example what we currently looking into and our situation.Credit score 680-720Cash in Hand: 60k+Own 2 LLC with multiple producing properties in each.We are looking at this 20 unit building in Detroit.

Is there an existing thread here (I assume there are many) where this has been talked about in great detail.

Remember that most things start to give you signs they are failing month or years before they actually "let go" so if you are often repairing a large expense item be wary and contribute more to your buffer.

I do my wires and fundings.. my notaries.. then I talk to the head construction lender to get the gossip on who is doing what ( no detail just hey how are sales and payoffs. )  then my banker etc etc.. 

If the property has any issues that would cause someone to not be able to live there (roof, plumbing, broken windows, holes in the walls, etc.) those items would come back subject to repair on an appraisal and need to be fixed before you can get any type of mortgage financing.

Happy to provide any additional detail.

Hope this helps a little. could get into more detail later if you like. 

@Allan Smith He's taking what it's going to cost him for individual cap ex items and dividing it by the period of time until that expense will be realized. 

I have posted details on properties purchased in Mountain View, and in Oakland.