I believe you do eventually need a license, but Ill ask my resident expert PM: @Lorien Rollins

*IF* you can claim RE professional status - and this is where doing your own management comes in, if one of you doesn't have a regular W2 job - you can realize some major tax savings, especially because you can deduct any losses from the RE side from your W2 income.

In 1990, MA passed a law that gives cities and towns the option to add into the building code a requirement for sprinklers be installed in residences with at least four units. 

You will need this income and documentation to qualify for loans, so don't take the big leap until you are REALLY ready to do that.  

Possible Solutions I SeePurchase the property from my partner with a new mortgage: My interest rate would be market, anywhere from 6.5 – 7.5% rate for primary residence either using FHA, Conventional, 203K.

If you regularly are late making payment you do not qualify.

As you will notice that some of it was plagiarized by @Bill Hampton.He actually used to plagiarize the whole message.House hacking makes your tax situation more complex.You purchased a property that is treated as both an investment property and a personal residence.

@Patrick Lee What stands out to me is the fact someone who lives in Texas wants to renovate homes in PA and will be relying on a project manager/mentor who resides in NY 2 hours away.

I have great equity in my primary residence and have been playing with the idea of a HELOC for my next investment.  

Down payment gifts may only be used when purchasing your primary residence or a second home.