Once the articles are filed with the state, you and your partner will draft the operating agreement to outline the duties and responsibilities for each partner.

Due to the fact that I am no longer conducting real rescues myself during this duty station, I have filled my free time and crave for adventure by diving head first into real estate investing.

If you have a non-working spouse that is one way people do it, passing the real estate duties along to them.

Hire a Property Manager - The second option involves the IRA hiring a property manager to perform all administrative duties, including paying expenses and receiving rental income.

However, we do buy a primary residence each new duty station in "A" areas, then rent them out when we transfer.

They are responsible for evictions, going to court, and other duties that they are liable for.

Wells Fargo and others have had them in the past.You can also see if the state you live in has any special programs for 1st time buyers....sometimes they have certified lenders for those and those lenders often know about other programs that might be available.VA has a zero down program so if you can get in some military experience you might try to take advantage of that....even if you don't want to do full time you might can join the reserves and still qualify...and bank some extra cash on your weekend duty.   

In my experience in Texas it is vital to know what you are buying. 

I have a Limited Partnership agreement that seems fairly concise and addresses provisions such as: formation, partnership business, rights and duties of LP and GP, partner contributions, capital accounts, LP/GP withdrawal/replacement, Tax allocations, GP compensation, transfer & encumbrance of partnership interests, death/incapacity, dissolution/termination.

CONTROLLING - I found that it is vital to be able to CONTROL a property before I can, flip, assign, auction or wholesale by way of lease options, hybrid offer, delayed settlement or joint venture. 4.