There should also be records with the city of the guest house being built (if not, easy enough to report it to the city) and copies of his tax returns.

Additionally, consider consulting with a real estate professional or mentor to gain insights and guidance tailored to your goals.

He really needs to clarify goals, get with a good tax planner etc. 

Best to seek counsel from your attorney and tax professional but if you are going to insist on saving a few dollars, best to provide more specifics on the type of partnership you are contemplating so you can get your hands on something that's remotely relevant. 

I would definitely consult with an insurance broker and possibly also an attorney about this.  

Be wary if rents exceed 1/3 of average incomes.Absorption/Vacancy: Consult National Association of Realtors for market time and inventory insights.

This includes 1 off-street parking spot - which is very desirable in South Beach) HOA is $802 and taxes (with no exemptions) are $3192.

Then each propertyOwner along the road will get assessed on their property taxes.  

With the BRRRR strategy, you can "force" the appreciation and get the benefit of both.Please feel free to connect with me if you have any other questions, and if you need any assistance or guidance with bookkeeping, taxes, or other business strategies please let me know.

I’m a W-2 employee in a high income tax state.