I had one conversation with a real estate attorney that cost me $100.

In total there are about 150 line items on mine.

Fear isn't bad or something to avoid; conversely, it's something you want to seek and embrace.

I plan to put at least 20-25% down for the purchase plus use my cash to do the conversion.

I'm going to go by tomorrow with the realtor and I'll see if he has that information, including any information on the roof and other CAPEX type items. 

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I have taken and Airplane   a Mercedes and a Boat  few other odd items as trade for real estate .. with the airplane being the best one.. but its hard to get them to do that because most that want cash and all I had to trade was vacant building parcels.. so with cash flow that might be different but they would have to come up with cash to settle your mortgage or put a loan on it to take your mortgage out.. you don't want to sell sub too in that instance as its fraught with seller risk and it will impinged your ability to get new financing.. 

You can forget about maintain the home if you rent including the possible capital expense items that may happen before you raise your reserve account used to save part of your rental fees plus you will eleminate travel expenses to keep up with its maintenance and possible capital expense repairs. 

IF that happens after 2019 starts, I can see how I'd run the accounting pretty easily - 2018 as a personal rental and 2019 as a conversion and sale. 

I would recommend you have an honest conversation with the first partner and remind him that you had always talked about other partners involved in the deal.