@Paul LaSpinaI think it depends on the level of trust you two have, how the voting power is divvied up, & whether or not YOU feel a 50/50 split is fair.We syndicate large multifamily apartment communities & typically raise over 1MM from our passive limited equity partners.  

You'll also work out with your PM what types of repairs they can do and then inform you about, typically attached to a dollar amount, e.g. you may authorize them to make repairs up to $250. 

We get to benefit from much higher rent demand and lower taxes in Indiana than Illinois our typical turn key is about $90,000 to $125,000 and rents from $1100 to $1350 There is a lot of opportunity with all the railway and airport expansions in this area and we are seeing retail housing jump 10% plus.

Safe typically entails little to no opportunity for loss.

What is a fair/typical % to apply as credit toward purchase price?

You will see that there are short periods of depreciation (typically less than 5 years) but in general the chart will show ever increasing RE prices.  5) Do not fully discount equity pay down. 

That is because commercial leases are typically negotiated for much longer terms, often with renewal options. 

I will sometimes set my hand next to the damage to show size.On a typical 3bed/2bath/2car home I will take around 200 pictures, depending on condition.

Before tax reform, you could deduct interest on HELCO loan no matter how you used the fund. ( for eg you could use that money for rental or personal expenses )For example, interest on a home equity loan used to build an addition to an existing home is typically deductible, while interest on the same loan used to pay personal living expenses—such as credit card debts—is not.Using the loan for a Rental activity does not qualify for interest deduction in your Schedule A as an itemized deduction.  

My partners and I are looking to expand into this market of flipping and I would like to know what types of construction/general maitnance issues are typical for this location?