If you are strictly a debt partner then you will need to make sure you have first position on the property and there are no other liens. 

Their value, strictly my thought, is time.  

So i can at least have better knowledge of what to expect from handymenAlso are any of your handymen familiar with the IRC and other codes or do you keep up with it to protect yourself as oppose to relying on them.

Brought the house back to code and compliance together with adding a bed and half bath to maximize the potential.

So while this is Investment Income, it's not Passive Income (for the strict IRS definiton of the term).Likewise stock investing is Capital Income, not Passive Income, under the same definition.But your rental property will combine with your passive RE Venture, in you example as those both fall under the definition of IRS Passive Income/Loss.

They will approve houses there but because of issues they are extremely strict (to the point of being excessive) its one of the 3 highest crime streets in the entire zip.

Reporting rules a lot more strict and not worth it on a condo.Do a LLC and draft an operating agreement that keeps all parties whole.

The 'airforce reserve' gal had all the chores down on a chart & ran a strict ship so to speak.

Even though I am new to this industry, I work full time in Event Operations, so I have skills in creating and implementing systems to improve efficiency and repeatability, and working in an urgent and time sensitive environment with strict and important deadlines.  

I have found title companies are becoming much more strict.