I’ve already found out that one of the first few things I’ll be doing after closing is replacing the roof and updating the kitchens.

There is essentially two types of investor to be included in the partnership: 1) member with very little assets to protect with a substantial amount of savings in retirement accounts, and 2) member with retirement accounts but also a substantial amount of money in a regular investment account.My questions are: 1) How does the Louisiana laws protect retirement assets and personal home in case of litigation? 

I'm working on trying to find a lender who can do Homestyle renovation loans so I have the option of updating kitchens/bathrooms when needed. 

Will post updates here.

We recently bought a 5-unit building on NW Kearney Street (right by the hospital) and have an opportunity with our largest unit (+/- 1500 square feet with a private deck and parking spot) to update from a 2/1 to a 3/2.

I am simply using more precise language.I do this because Unrelated Business Taxable Income (UBTI) is generated when a tax-exempt entity engages in a trade or business on a regular or repeated basis (i.e. flipping houses or other types of dealer activities). 

Update: Both of our CPA's have challenged this deal.

Keep your eye on the events tab for updates if you’re interested 😀.

Do you guys generally let tenants do updates like this?

That involved updating the kitchen with new cabinets, flooring, sink, appliances, made the living room / kitchen an open plan.