As far as structuring the partnership goes, it seems like at this point you will functionally be an agent on this person's team . . . in that case you'll want to dig into 1. what are the commission splits (yours/theirs) and what responsibilities will you perform on the behalf of the mentor/leader and what remuneration will there be, if any.In the future as you approach a different form of partnering you may find it good to form a business together and flesh out an operating agreement. 

@adam @Adam Sankowski as long as your fixtures are functioning properly, water usage isn’t going to cost you a lot.

Anywhere below $100K for a functional multifamily in the city proper is pretty much limited to Homewood now.

I’ll definitely utilize those functions going forward.

He didn't spend a bunch on any frills but a clean functional and perfect rental "finish".

IRR is a function of the time value of money.

But make sure they are functional. 

You're talking about getting financing for a residential property versus obtaining financing for maybe a residential property that will function as a business.

What I wish they had: If the landlord wants to lease themself, would be nice to have background check function and rental application, which most other similar services have.

To me, the price PSF is high, but I think the building is sold as a function of its Cap rate.