While cleaning the apartment a situation occured of her family member stealing something of value of mine that cost $450.After asking the soon to be tenant about it, she stated the stolen item would be returned the next day, and it was.

The good thing about a partnership is that it can have any profit/loss allocation and terms so long as all the partners/members agree to them.I am sure your friend will want to be on the title of the property so his rights are protected.One thing to consider is that there are laws/regulations regarding foreign money.

The only difference between a passive investor and a syndicator, is that passive investor earns passive income and/or losses. 

You will still take 100% of the depreciation deduction allowable on your rentals, but if that deduction causes you to have a passive loss, that loss will become suspended and not currently utilized due to your income level.

a salary before taking any money out- Self employment tax is not due, as the only income of the LLC will be rental income- If the LLC shows a loss in the first year it will be easier to carry this over to the next year if not taxed as S corpThankful for any advice!

Thank God for what you have and invest to secure your family's future... don't do this so you can blow your money on top dollar worthless items.

I would be more concerned about a criminal record and similar items.  

You could try and charge a % of profits, but how easy would it be for them to operate either under the table or at a "loss" to avoid that.So if it were me, i'd look at doing a lesser amount to start and phrase it as a benefit to them to help them get their business off the ground with an excerpt to reevaluate after a year.

Including value add properties may expand your purchase pool and obtain ROI that is extremely hard to obtain via cash flow only.By the way: Love the Black Hills especially Crazy Horse (my favorite man made item, I have visited it 5 times over the years starting in 1995).Good luck

@Tara Faulks I see you also have a line item for $79 monthly fee for permits - was this provided by the PMs you spoke with?