You need to have good records that track all expenses as this will be needed for tax purposes. ie, you'll need to be able to identify repairs vs improvements so they can either be deducted from income or be depreciated.

As a newbie, I lack credibility and track record obviously; that being said, would it be best to look for partners in a similar boat (with high work ethic) or work with more experienced investors who’s looking to add someone on their own team?

Our title company set up the terms of the loan, and recorded it. 

I already have some LOI's signed with several tenants (I'm in charge of renting the space) BUT if I make an offer for the commercial space I could get it for $300.000,00 (a lot less than asking price)  I have to do the basic finishes for the tenants (tenants with a great record) and that would take me around $250.000,00 so, it's a $550.000,00/$600.000,00 deal. 

I already have some LOI's signed with several tenants (I'm in charge of renting the space) BUT if I make an offer for the commercial space I could get it for $300.000,00 (a lot less than asking price) I have to do the basic finishes for the tenants (tenants with a great record) and that would take me around $250.000,00 so, it's a $550.000,00/$600.000,00 deal.

Then, put on your taxpayer hat and imagine that the IRS takes your money and redistributes it but does NO due diligence, follow through, record keeping, etc. and just says something like, "well we wanted to make it easy so we don't know where the money is." 

If I then sell the property next year for an overall gain, and the hot tub is transferred with the property but not listed separately on the sales contract, how would I record the sale of the hot tub for tax purposes?

Which is the best way to record these transactions ; as a intercompany asset - intercompany liability or as A/P - A/R?

@Taylor Campbell are you saying just have a promissory note and now recorded mortgage?

I know it's public records in most (if not all) cities but I've never seen anywhere that charges so much for it.