The first step is to decide what you want to accomplish through real estate investing.Then just dive in.It can be as simple as renting a room or adding a rental suite to your existing home.or as complicated and big as you want to get.I enjoy answering tenant relation questions, if you ever have any.

I went through a lawyer in AZ setting up my LLC, but it was more complicated because I also set up a living trust for all of my properties.

Some advise to take out an LLC for each unit, but that can get complicated.

In a lot of ways the smaller deals can be more complicated than the larger ones.  

Ultimately, is this option feasible, I'm afraid it might get complicated, I am also unaware how the loans are structured in the first place and what sort of impact a partnership may have on a loan already in place with the installment of a 'future' partnership (likely we'd have to refinance?)

Local and state tax codes are far less complicated, and easier to research and don't play as significant of an impact into your business planning.

They are also a real pain to deal with and are complicated for a first timer.

It can be a very complicated world out there for turnkeys!

This is much more complicated and would need a lawyer to set up.

Once construction is completed, you will refinance with a conventional mortgage for the permanent financing.The fact that you have partners will complicate things for FHA and other mortgages.