Potentially a sticky partnership situation that needs an attorney to resolve. 

Hello,Very new here but obsessed with learning the process of real estate investing. Looking for an experienced partner within the greater Chicagoland area, but also I’m willing to move and invest in other markets. Cu...

Also, how would you set up a partnership, legalities?

Hello, First time operating my business in a partnership LLC.

A pass-through entity such as an S-corp or an LLC taxed as a partnership is generally tax neutral.

., there is a big difference in SEC world between forming partnerships and joint ventures with people you already know and do business with, and bringing people in who don't know you, or bringing together people who don't know each other.For example, lets say you and I and Dion DePaoli already know each other in the course of our daily businesses.

He was able to purchase them because he had the money to do so, I didn't gather there was any type of partnership.

A multi-member LLC is treated as a partnership.

We're in the midst of our first rehab and looking for more, so hopefully the Summit will have been the start of a great new partnership!

In that case, I'd set up separate bank accounts for each property involving a partner (or probably set up an LLC before that and have that bank account for any partnership deals going forward).As far as bookkeeping software, that's another question I have and will likely explore that in a separate message thread but I'm using MS Money right now to track income/expenses and have considered moving to Quickbooks.