Preservation of capitalIf you are looking to raise $, investors want to see a proven track record, a thorough PPM to understand the business plan, terms, risks and details of the deal.

A building like this is likely going to be built in early 1900's so you'll want to have very thorough inspections on the property to become aware of issues and predict what repairs you must be prepared for. 

Because the #1 best way to destroy a good relationship is via business deals that are not thoroughly detailed and drawn out, legally, with every contingency mapped. 

It's important to keep up frequent communication on business and personal updates as it will be hard to keep them separate.It's been mentioned already but having a thorough partnership agreement is a good idea so that you can come to terms of what will happen in certain events while in good standing with each other in the case that things get messy in the future.I've been told you can go faster alone but farther together.

Thank you for the thorough clarification .I’m actually planning to rehab and rent out the unit.

This also allowed us to get the ball rolling quick because in Chicago you need a license to Air BNB if your guest stays less than 28 days, but if they stay more than that technically they are a tenant, that way we actually can screen our guest more thoroughly with credit and background checks How did you find this deal and how did you negotiate it?

You should have a thorough preventative maintenance program for each property, which will help to keep the help busy when there are no renovations or service calls.

I knew he wasn’t going to clean the backyard thoroughly so we opted to do it ourselves.

Good Morning:A friend of mine has been presented with purchasing LP interests in a variety of Commercial Real Estate projects.In order to do proper/thorough due diligence - what documents/information are needed to begin this process.I look forward to your response.All the best,Eric   

This does also help; very thorough answer that answered my question exactly.