My guess is once you got past the initial barrier you two had a real nice talk, whether or not you two were a good fit for business.

Ok, now that you have taken your initial step, below are some quick links to get engaged.http://www.biggerpockets.com/starthere http://www.biggerpockets.com/meet Setting up Keyword Alerts How to Use @Mentions on BiggerPockets 25 Tips for Real Estate SuccessREI can be very daunting, but, before you go searching for that 1st buy, please take a few minutes to bone up on the tips in link below.http://www.realestate.com/advice/buying-your-first-investment-property/

From other reading I've done, I know that many businesses feel there is an advantage to registering their LLC initially in Delaware or Nevada for purposes of helping to conceal ownership as well as Delaware's structure for handling business litigation matters. 

So you would need to initiate an action to "quiet the title" to remove any cloud on the title. 

This is sort of a weird question but bear with me......I work for a builder and am also an investor on one of our projects - we do new construction spec builds in higher end areas usually between 1M-2M......we've been sitting with our house a little longer then we expected at this point - we dropped the price 70,000 from the initial listing price and am contemplating our next move if we don't get bites in the next couple weeks....my question is how much of a drop is worthwhile?

*You need to attend some court sessions to see how the court system works.

It is likely that even the initial transaction may be a disqualified party transaction if you have existing joint ventures with this individual.  

The Idaho State Legislature was called to an emergency session to change the statutes or else the state's economy would grind to a halt.I eventually made Real Estate Finance my full-time profession.

Seller agreed in principal had his attorney review the P&S (same on @Justin Silverio  uses) and told him not to sign it.  2 objections the low initial deposit.. that's no big deal.  

On my most recent purchase (1.2M at 25% down for a 3-family) I'm taking in gross rents of $8600/mo (which is below market rate due to signing initial leases mid-winter) but still have a monthly net profit (after all expenses including capital reserves) of roughly $2k, so an 8% return.