If I am the only Sponsor / General Partner / Manager of the fund (as spelled out in the operating agreement), am I the only one who files a Schedule E at the end of the year - or do all Limited Partners / Members also file one?

Can't hurt to chat with a local landlord-tenant lawyer on how the laws in this city tend to operate, as far as verbal or other agreements.

If you can generate 7% off your investments that 200K of govt money means $14K in your pocket every year as long as you keep it.6.

I have called the state\epa and discussed what is needed for operation of treament plant, confirmed the certification and validated all but rent roll.Barring rents panning out and with the possibility of rehabbing and renting the existing vacant 4 units this appears like it will cash flow well and  have some significant upside with 10 more lots to be filled potentially. 

Local tends to act more fast in leasing a space with mom and pop type operations.

REI has historically been very competitive.Cash is not king in real estate investing...deal flow is (lots of it).If you don't start now, you will have no experience or relationships if a correction occurs.If a correction occurs, lending/capital sources can dry up.Investors over-estimate their ability to pull the trigger when prices are crashing and there is no end in sight.If you can generate even a small positive IRR from real estate during an economic recession, idle cash is the risky choice (and is very costly over long periods).All properties and markets will not loose significant value in the next down cycle (real estate is local and good locations will always perform well).Investors can add as much or more value to a property than the potential loss of value in a downturn.If we have capital that we have to put to work, prudent real estate can be the flight to safety.I don't like investing into a hot market but sitting on the sidelines for years is not a viable strategy...just have to be really careful.If you are a market appreciation only investor, ignore this post...that can require some market timing.Interested in everyone thoughts.

@Jim Hendershott my name is Terrell johnson I'm the owner/operator at dcm contracting service I'm licensed and insured my prices are very competitive, I have a very extensive renovation portfolio please feel free to contact me via Facebook Terrell Johnson because this site won't allow #'s to be posted.

Do you plan to try these strategies here or another market and what made you decide on them as viable paths to income generation?

@Joshua GuenterTheres countless ways to generate leads... this can be social media, sphere, farming, postcards, door knocking, cold calling, open houses, the key is to learn and implement, you need to prepare to "test" for at least 6 months.

We are planning to have him look at an operating agreement that we drafted with the guidance from a template we found online.