And I'm opposed to the natural gas space heat that some suggest- it can cause long-term, low-level carbon monoxide exposure.

I see a few high level ways of doing it.Scenario #1:- Both he and I co-sign on a loan for the building with $500K each in cash towards downpayment.- We contribute the asset to a joint LLC that we createScenario #2:- He takes out a loan and buys the building for his own LLC.- He then sells me a portion of the LLC for $500K.I see some pros and cons to both scenarios, but I mainly want to make sure that I follow the established process.  

@Connor Cushman yes the percentage varies by brokerage and experiance level. 

Qualified is 1 and ATS environmental is another.Qualified Tank Scanning was recommended to me by someone I trusted.

@Terre Oswald in your search you don't have to stay in your backyard.  1031 is a federal statute that all 50 states recognize at the federal level. 

The only exception I'd say to this would be if you have a close connection to another part of the country and you already have a manager/team there you trust.

Setting up multiple LLCs can provide you with more protection, simply by adding additional layers that make it harder for someone to get to you, if they sue you.However, it is probably totally unnecessary and, in my opinion, borderline unethical, for an attorney to try and sell you that level of protection when all you are doing is buying a rental property.

However a mortgage or deed of trust is a very different matter.

There are a few mentoring programs that have various different levels that are not more than $10K and BP has numerous threads about the value of different mentoring programs.If you're not going to invest in a mentoring program and still want to seek a mentor, then bring something of value to those individuals. 

Costs associated with them and trust factors?