The (one) general partner (that would be you in this case) doesthe managing of the business in return for a cut of theprofits (usually 20%) or a flat fee.There are laws that govern how and whom you maysolicit to be a limited partner, and those laws aregoverned by the SEC and are way more strict than anylaw you've seen that governs real estate.It's a big deal.

I am not versed in legal affairs or NY laws so do not know how to interpret this; should I go to the courthouse and pull the records to read?

Here's the list of the one's I have...thought it may be easier this way:AddendumAffidavit and Memorandum of AgreementAgreement for DeedAssignment of ContractAttorney ApprovalBill of SaleClosing StatementDeposit NoteLetter of IntentQuit Claim DeedRE Purchase ContractRE Sales ContractBuyer’s Property Inspection ReportCash Flow AnalysisMarket Sales AnalysisProperty Analysis FormProperty Rehabilitation AnalysisSeller Information FormInstallment NoteMortgageMortgage Loan RecordPromissory NoteMonth to Month Rental AgreementPet AgreementRental ApplicationResidential Lease Rental AgreementResidential Lease with Option to PurchaseWaterbed AgreementBuyer ProfileWeekly PlannerWeekly Priority Schedule30 Day Notice to Terminate TenancyExpense Allocation SummaryExtension of LeaseLandlords Five Day NoticeMonthly Income RecordMove In Move Out FormNotice of Overdue RentPermission to SubletTenants mandatory Notice of Intention to VacateLet me know if I can shoot any of these out to anyone, and please, always remember to check them with your local laws!!

My sister in law just bought a "starter" townhome for $310, with $400/mo association.

Would there be any fee or any problems in terms of laws?

With about 50% of marriages ending in divorce in a relatively short time, I would check the state laws too.

I don't know the laws but I would call a realesate attorney and ask him.

Guessing on Revenue from Condotels in the United StatesWould-be buyers of condo-hotel projects in the United States are largely left to guess at the revenue their units will generate because Federal security law bars real estate developers from passing on the projected hotel guest rate to condo-hotel buyers.

I found the auction in the newspaper and it is being held in a law office and I know the default amount.

That's my belief aboutthe Law of Attraction.But let me say this in general.In investing (or in my case -- trading Forex) it is important to notsecond guess yourself, and to forgive yourself for past mistakes.This is important because we all make many, many mistakes.Each one was a decision we made with what -- at the time -- wasthe best information we had.