I wouldn't do just a condo. you could build your own triplex and convert to condos as a "development partner" or on your own if you aren't experienced and full return of capital. my suggestion would be to invest near the urban core over suburban deals and avoid older housing stock like columbus has more than 100 year old houses. anything pre 1950 I wouldn't touch 

Would I need to submit my personal tax returns, along with those of my partner?

We pay for the property taxes, the water and sewer bill, and usually do some sort of capital improvement to the property based on his rent each year.

If anyone is willing to share with a young student about their experiences, the ups and downs faced, mistakes to avoid etc..

Pro is interest is a write off on taxes.

I will be house hacking my primary home and I am wondering that are the implications on Solar tax credit and bonus depreciation?

Better yet, have an attorney draw it up since he will know what questions to ask you two. commissions are earned and should never be put back into the project your partner will owe personal income tax on it.. if you want to get a credit for it.. you have the seller lower the price by the commission that is how you handle that.. if its to late then its his money and he should pay tax on it and keep the rest.

I think you stumped the crowd.My take is that your friend is trying to walk away from the property by handing over the keys and avoid a foreclosure.

I made 50k last year on taxes and have a 700 credit score.

Expenses like this include things like property taxes, insurance, maintenance, administrative and office costs, payroll, marketing expenses, and property management fees.