I think all of us newbies should adopt the buddy system, somebody to lean over and whisper "PULL THE TRIGGER ALREADY !"

So your AGI would be 120k -- triggering phase out.

Good stuff Dave Van Horn I understand that the one thing that long-time note investors don't need is access to funds with JVs, but I was thinking I could include the legal work without charge for any notes in Ohio as away to get a seasoned vet onboard for a partnership deal.

Awesome that you pulled the trigger.  

If there are any contractors out there in the Portland area who want to create a referral partnership hit me up.

Curly in the heavy researching stage prior to my first by, but I have been preapproved and I'm ready to pull the trigger when I see something favorable.

disregarded entity, partnership, or corporation?

Here's an idea.Instead of a new company, or creating a partnership, why not consider a Joint Venture.This will allow your LLC and the partner to enter into a JV Agreement for just this one project.You can specify all of the terms within the agreement, how the project will be initiated, each contribution, duties of each, how profit will be computed, when and how the project will be completed and dissolved.At the end, each party reports half of the income and expenses, just like a General Partnership, but, depending on state law, there is no requirement for filing papers.Once you work everything out with the partner, both of you go to the same Attorney, have all of the information ready, tell him exactly what you want.Don't try to write something yourself.Something to consider.  

If you are seriously looking for some rehab deals to fund for as a partnership that would be a great partnership to have Ken.

Has anyone ever owned a buildable lot of land and instead of selling it to a builder, created some kind of partnership with a builder where you provide the land and they provide the building expertise and you somehow split expenses and then split profits when you sell the new home?