UGH, yesterday my jobsite got broken into, they took my a lot of my materials and my contractor tools. 

I am shopping around for Insurance for the property and am running into some higher numbers then I expected for the most part. 

@Jake Parks - If you're pooling money together and providing a return for people/there is an expectation of profit for someone else and that other party is not involved in the decision making/management of the deal , then you are creating a security and the answer to your question is a resounding yes.The big thing you have in your favor with partnering up with family and friends is that you have a relationship with these people already and that's the biggest thing that the SEC is looking for.

Jason, it is an alcove studio in Battery Park City (so a doorman building) and while there have been minor repairs (replacing broken appliances, spot repairs to the parquet floors), as far as I can tell the floor, bath and kitchen are all 80s originals beyond those small updates.  

you may be covered by scheduling it immediately, there is a reasonable expectation of time delay.

Here is a good link for product life expectancy of all kinds of products. https://www.nachi.org/life-expectancy.htm

I'm doing everything in my name, expect the first house sits in a trust within the LLC. 

maybe thats just me ....but my $.02 would be to make CLEAR expectations of each other. what do you help them with?

Remodeled in 2000 really nice (little dated, but I expected much worse).

Hi I was running some numbers on the BiggerPockets Rental Calculator and I kept realizing that the equity for a property after year one was much higher than I would expect and have been having trouble understanding why this may be.