After my first year (12 properties between rehabbing, wholesaling and joint ventures) I had enough capital and consistent leads that I was able to liquidate the moving company.

Before you venture into this sort of investing, you should read this:http://www.biggerpockets.com/forums/41/topics/68977-foreclosure-auction-sheriff-sale-and-trustee-sale-faq

Can I buy MHP as a joint venture with another partner?

So I felt like this would be a good subject to journal, both for the input from the pros and as a loose guide for others venturing into this field of investment.Although I have been involved in the purchase of existing NNN lease investments I have yet to get involved from the ground up, much less as the actual point man.I will go ahead and ask for forgiveness ahead of time for any typos, misspellings, or grammatical disasters.

It's awesome to see a father & son team tackling this venture together.

@Danny Weber I would always suggest doing a contract for any Joint Venture, especially if you haven't previously worked with the person.

Hey guys,I had a question about how to account for end of the year taxes when dealing with partnerships/joint ventures.

Arggghh.When I began venturing out more, and focused on SFR's without associations, buying directly from distressed owners.

@Darla Powell I would suggest that before you quit and take 401k money and roll it over consider venturing into the market while employed. this will present many more opportunities.

The owner is exempt, I'm guessing, from Dodd-Frank, you are exempt as you are not occupying the property acting in a commercial venture, but when you wrap your agreement to an owner occupant if that buyer receives the benefits of payments then you're smack dab back into Dodd-Frank!