If the property is in your personal name, a plaintiff could go after any of your assets, including anything in your personal name.

I have two questions, any home improvements I made like finishing my basement I know I can add to the cost basis of the home, do I need to have receipts for all my drywall, lumber , etc or can I just use a good faith estimate?

I underwrite a lot of deals for others, including creative deals, such as subto, seller financing..the first of all, you do need to know if that's cahs flow @ 6% under their asking price.

For example, we (myself included), have a pretty strong base of flippers looking for deals they can buy, renovate, and resell. 

The plan was to rent the house out after repairs but I was unable to find another home to rent and was not able to finish repairs. 

Any deductions (including mortgage tax, insurance etc.) added there was split accordingly and corresponding amount was shown under rental deductibles.

Well, James you started an interesting thread.I hear what you’re saying, but by the responses it would be hard to push this concept to the finish line as a requirement. 

The idea is to create cashlow and wealth through equity and appreciation so the plan we can build few units , sell them and split profit 50/50, while I am the boots on the ground overseeing the process of building from start to finish, meanwhile the partner brings 100% of funding. 

Hey @Allan Pan, A lot of times my clients and myself included have a hard time setting realistic expectations, and/or accepting "ideal scenarios" don't exist.

With the assistance of a real estate agent or lawyer, submit an offer, work out the conditions, arrange for inspections, and finish your due diligence before finalizing the purchase.Note that investing in real estate is a journey that requires perseverance, patience, and flexibility.