I have found myself a business partner to move forward with on B&H properties and we have a meeting set up this Saturday night to begin discussions.

Set up keyword alerts and you will get notices of other meetups as well.

He has a good track record, but I have never lended money so I'd appreciate any guidance in how to set the terms and what steps are critical to ensure the relationship doesn't go south.

Not every tenant is responsible or cares enough to set up back up plans for these type of situations.  

HI Michael,the answer to all 3 is yes. since the properties are so close, one or the other would have to be a an Investment property. since this is your plan of action underwriting should have no issues as there is no means of mortgage fraud with what you plan to do. one thing you will want to keep in mind when qualifying for the new home is debt to income ratios, and having a renter with a signed lease agreement for your current primary lined up will off set the debt ratio helping you qualify with no troubles.let me know if you have anymore questions or want to speak privately! 

I just wanted to make sure to be able to line up my own financing in case he says no.At this point in time, I'm not really looking to partner with anyone because I don't want to have any pressures on me regarding expectations with this lot.

I’m a newbie and I genuinely want to explore and understand hard money options, so I can set up my financing and get going.Please ask any questions, if that will help with my situation. 

Like I said the precedent has already been set in the neighborhood.

Depending on water pressure in the area or the number of units in a building, you could possibly have to sprinkle the building.

I'm a beginning investor and looking for practical way to best set up my real estate biz.