But I thought that meant I would cover the cost of the house and he would cover the cost of repairs.

I might bring them up but leave with 50% of the equity if it meant preserving the relationship.

When I am talking about separate LLCs I meant for each property, not each unit.

Tenant says, "oh yeah, I meant to tell you about that...."   

What I meant was you have to contact the franchisee to see if they want to put a location on your property. 

HELOC's are meant to be used for home needs, however, it's a pretty common story that an investor will use a HELOC to finance their deal(s).

I'm not sure about the lingo, but by RE investments company I meant - companies\individual investors that helps in finding deals and managing the entire asset purchase process, including deals with local management companies etc.. 

First, FHA loans are meant for primary residences.

Hello all, thanks again for the input....I've never been under any impression that this is a screaming deal - it's meant to satisfy the 1031, avoid the taxes and buy us some time.

Only ONE thing matters to younger people: Money, sorry meant JOBS!