I found I deal that could be very profitable for me, but it's so hard to pull the trigger on something that isn't pretty,  only depreciates, and might be more work than I expect.  

Making a reasonable accomodation for one tenant could trigger allergies for another tenant, and then you have a mess on your hands.  

I am aware of the alternative lending options lease options, partnerships, bank mortgages etc I am sure their is many more. 

@rafael moray- hey thanks great idea that's exactly what I'm trying to do link up with sum experience and offer part of my liquid and my labor and make sumthing nice happen for both ends of anybody in Chicago area is interested in a partnership like this pm me lets go over sum ideas 

I have always known that real estate is the path I would need to take in order to achieve my financial goals,  but am having a hard time pulling the trigger, but I think i'm getting there!

Sounds like a Joint Venture Agreement would be the best instrument to outline your investment partnership.

He put some poor woman's name and her LLC on the front page of his website announcing their recent partnership in December.  

@Brian Eastman  thank you, no loan so that's not an issue but my only question is you mentioned a JV so does it need to be organic partnership just me and the 401(k) on title, and some sort of joint venture agreement or can I put in an LLC ?

I am currently working as a director of renovations for a very large real estate property management partnership group and have set a goal to own and manage 24-48 units by the middle of 2016 with the aspiration to expand in the central Texas marketplace to no less than 500 units by year 5.   

I was just curious if you have had partnerships with investors in which you received equity.