This will appear as a judgement so all his non exempt property will be subject to seizure to satisfy the judgement and real property he owns will be encumbered by judgement lien.  

If you're still satisfied, close if not walk away. 

Specifically, I want to ensure that the partner's role is limited to satisfying the lender's experience requirement and does not entail a significant share in decision-making or profits.Questions for the Community:What are the best practices for structuring such a partnership in an LLC, particularly in terms of ownership shares, profit sharing, and decision-making rights?

If you want to fire a contractor half-way through, the appropriate way to do that is to get another agreement/cancellation in writing that states irreconcilable differences and that both parties are satisfied that compensation has been made for work completed; this agreement should include a lien waiver.Good luck. 

I am running some numbers  on duplexes (2bd each unit) in Columbus, OH and cash flow comes out around 200 or so total. Even though the CoC return is around 5 %, would you consider this number a good one?  What would y...

In general, what makes your tenants happy and satisfied with the living arrangement?

Your hypothetical situation provides a good basis for discussion.Understanding Liens, Mortgages, and Debts: These are obligations attached to the property and must be satisfied at the time of sale.

I would leverage your cash as much as possible while making sure you have reserves to satisfy lenders and cover any maintenance/cap-x expenses or vacancy you may experience in the first year while you figure everything out.Orlando doesn't have a lot of good multi-family but the growth here is great and landlord friendly.

@Wendell De Guzmanthat's all fine, but "systems" do not make you money, being able to encounter any type of situation, any type of property, in any location in your market and being able to devise your own "system" to solve problems, bring properties to a higher and best use, to fill and satisfy a need, is what makes you money.Not all RE provides an opportunity to make money off of it immediately or even in the near future, being able to identify properties that can makes you money.While you may follow a "system" and you can make money when you get use to that "system" but I can assure you that you are leaving more money on the table than you're making by walking past all the other opportunities that don't fit in that "system". :)A good investor can design a deal, they solve problems, not just property issues but social issues, financial issues, tax issues, regulatory issues and legal issues.Too many folks try to get into RE thinking they are walking into a store and picking up a box of RE strategies.

I know from my experience that they will usually need some “work experience” going back longer than 6 months, but they should be able to satisfy this requirement if you say you were a college student during that time.