@Chris Bounds you sound like a guy who is committed to this, you're sharp, your plan sounds good, you have a great vendor partner there... go kick some A**!

Thats sharp, to be able to find your own mistakes.

Those quarterly b&o returns were a pain.

Don't feel bad though, you are experiencing a natural growing pain of real estate investment. 8-units is a real portfolio; in my experience most investors start to seriously consider professional management once they reach 8 to 10 units.

I feel your pain. 

The bad news, it seems to me, is that you've probably grossly underestimated the project you've gotten yourself in to (There is no such thing as a 100+ year old structure that requires anything other than deeply involved, technical work)Making matters worse, if your 'partner' has put his own money into the project, and is due some kind of compensation... and you don't have a clear contract... buying him out and putting the project on the right track is going to be costly, time consuming, and painful.But, as a wise man once told me - both pain and pleasure are magnified by delay. 

With this thicker linoleum, its much hard to tear, almost impossible without a sharp object.  

Insurance can be a pain for either strategy and that matter can be addressed differently or in a very similar manner.Why folks need to understand RE basics, what rights and interests do you acquire under different transactions.

It would be easier, if investment property, to use an LLC.0 Interest secured or unsecured has imputed tax rates, a pain to keep up with.Raj, that would be unsecured, partner drops dead, the heirs take over, don't agree, you got nothing unless you can collect.A credit partner is something (idea) sold by a guru about 20 years ago, they simply sold the credit with a lender who could or would rely on the guarantee, otherwise some mortgage fraud scams, so it's not something that can be done in conventional financing.

Ryan Dossey its a pain that people don't bother to call or text when they don't show for whatever reason.