Who is the attorney that you mention?

You didn't mention how you would split the profits and what your exit strategy is going to be.  

I'm just waiting on the final offer paperwork to start lending process.Half my units have come from off market sources and half have come from MLS; however, my MLS purchases have been for the most part aging listings which little competition. 

The age of the shingle roof is 20 years ++ and it might last another year or two depending how bad the weather gets.The contractor (sellers contractor) says they will issue a letter that the roof have atleast 5 years life remaining. 

As Ed mentioned, you might also need a separate bank account for the security deposits (if any), it depends if your state law requires it, go check.

Hi Matt, When I mentioned 1099 type tenant, I am just referring to self-employed tenants with cash flows that might vary widely at times depending on their receivables aging. 

It costs more to hire the second guy cause he has to fix the first guy's work, and because he can charge you more because you're under time constraints.And not to mention that the high-end homes drop first when the market softens. 

As @Sam Grooms mentioned, the preferred return is not a guarantee.

Vanguard total stock market fund in taxable account (I ask this because I heard Dave Ramsey mention he puts money for real estate in an S&P fund until he’s ready to buy).  

The issue at hand is I have paid thousands to an attorney, had to leave work twice and be at court, not to mention that they still bought 30 days of extra free rent to do this. 99% percent of the time the people I screen are wonderful.