My group recently complete a renovation of a nearby 12 unit complex of substantially identical units in January, so the renovation costs / NOI are actuals based on per unit basis.

First, let me say that I'd never even heard of the Uniform Partnership Act (UPA) until this post, so everything I know about it is based on Internet research over the past 10 minutes...so take this for what it's worth...It sounds like the UPA is a governing act that recommends rules for partnerships that each state must adopt independently (and it sounds like all but one state has adopted the rules).

I am sticking to the 50% and 2% rules to help widdle down the options out there.

Here's some more info on that: http://www.trustetc.com/new/rules-and-regulations/plain-english/self-dealing.htmlOne question I had was how old is your dad?

It enabled me to rule out many properties.

If one does, it will be the exception, not the rule....Not totally true, as one marketing tactic for listing agents is to canvass FSBO signs to try to get the listing!

We're now looking for a SFR (to hold) but wouldn't rule out another condo if the cashflow is there.

I'd say before you begin buying notes you need a great understanding of applicable rules and regulations.

In Wisconsin, if there is no written lease, the statutes rule the rental world, and they cover quite a bit of standard stuff.

I called my insurance agent and he told me that they don't care about permits.the insurance agent/ broker is a middleman who moves paperwork between his client and underwriter/adjuster/main office etc. they might speculate but would not know that for sure until the ruling comes from the main office. once your place burns out the fire department will determine the cause. then the ball starts rolling ..was the job permitted ?