@Saad Dar I would go for an LLC with an operating agreement that identifies you both as partners. 

Once you've identified a handful of markets that look interesting, drill down to the micro level and study prices, rents, property taxes and insurance and landlord/tenant laws.

@Carl Fischer1099-MISC with Box 7 Nonemployee comp is due 1/31.All other 1099 fact patterns (including 1099-INT) are due 3/31 if filed electronically.  2/28 if paper filed.

I truely believe that there would be undervalued assets out there and can be systematically identified with the right search.

I wanted the remaining $40,000 for something cheaper that I can turn into a flip, but I am not sure 1031 allows for a flip home upon the properties you identify.

I'm looking for advice on how to identify problems with a newly purchased real estate property prior to listing it for rent.

I wanted to use this to do the exchange at which point i''d like to identify 3 rentals in in ADA county for around 240K each home and evenly splitting my profits of the 180K even among the 3.

Some Brokers offer 100% Commission plans with fees for each deal, others will put you on some sort of split.What is it you are looking for, lots of options to consider, it's all about identifying what your wants and needs re and then finding the best fit.

In trying to identify demand and become familiar with a new market, I thought I could email the top realtors in the area and ask a series of questions ( a survey) . 

What you are supposed to be doing with your mailers is identifying sellers who have a problem that needs to be solved.