I have money to contribute to hard money and/or conventional loan for a purchase.

Electrical is ungrounded as it was not required at the time the property was built.Plumbing:Galvanized Pipe used for distribution piping - my inspector says this can contribute to low pressure, rust colored water and may need to be replaced in the near future.The property still has the original cast iron drain pipes which have an average life expectancy of 40 to 50 years. 

Once the 1031 is complete your partner can contribute his TIC interest to your LLC in exchange for membership interest in the LLC. 

@Nathan Herdon BiggerPockets is a large community of real estate professionals that contribute to one another by sharing their experiences. 

Basically, all the things you mentioned such as how your paid, equity splits, job description, contribution, etc.Once you have a solid foundation, take it to an attorney who can build off that and cover things you may not have thought about.

I have money in 3 buckets1) Roth IRA2) Traditional IRA3) Roth 401kNot sure which buckets your money is in, but the roth IRA you can withdraw all your contributions without penalty.

In addition, if you are self-employed with no full-time employees you may wish to consider opening a Solo 401k instead of a self-directed IRA as it has several advantages over an IRA LLC such as much higher contribution limits, direct checkbook control (i.e. no need to have the account at a specialty trust company), ability to take a 401k loan, exclusion from unrelated debt finance income tax with respect to investment in real estate acquired with non-recourse financing, etc.In addition, please note if you purchase debt-financed real estate with your IRA, unrelated debt finance income tax should apply to the income attributable to debt-financed real estate held by your IRA.

This means the building needs to be profitable (using only 75% of rents) without using your contributions.

@Alan DuroSo the real question is can you contribute a personal capital loss to a partnership, c Corp, trust, etc...Unfortunately the answer is no.However, among closely held entities, I have seen partnerships stuff gains into non taxable partners or entities with loss carry forwards such as your friend has.

I know that it is important for liability purposes to file for an LLC potentially before we even buy our first property, and I think it can help to establish in writing how we'll split profits, but I a) know that the percentage in which we will be contributing funds will change overtime and b) am a bit apprehensive about the initial costs and if it would cost us any additional amount to have this LLC filed without immediately adding properties.