I'm not too worried about funds in either case. they both want appraisal as expected and I'm a little worried appraisal might be somewhere around 200000 to 205000 dollars.

I'm an optimist with low expectations. 

Under that structure you would be regulated by the SEC and the whole deal should be structured accordingly.If you are planning on having some level of active involvement in the operations and not completely relying on someone (The GP in this case) to manage your capital with the expectation of future financial return on your invested capital then you can go ahead and just go the "partnership" route.

Depending on the base, you should be able to have the Legal Office do one for you for free (along with your will and all that jazz).I'd recommend a family member or very trusted friend, and set expectations with them.

I house-hacked my way in with a triplex and still think it's a great way to start, but don't expect much/any cash flow without a massive down payment. 

As you can see from the example, whether purchasing a new, cheap vehicle to be used for personal purposes or resorting to using your work truck for personal purposes really depends on (A) the cost of your work truck and the corresponding Section 179 deduction; (B) your expected top marginal rate for the year; and (C) the cost of the personal vehicle you would but in the case you do not use your work truck for personal purposes.

He told me that he expects to have a profit of 30k from this, his first flip.How awesome is that!

I wanted to dispute the taxes so I filled out the forms and after 6 months of not hearing back from them I called them and they told me that if they didn’t get to it this year that I could dispute it again with them next year if I wanted to.So what I’m saying is it may be a great deal and if you are local you will probably have a much better experience, but there will likely be more costs associated with the property that you have not planned for that may bring down the ROI or you might also need to bring in more money than expected in the first year to address things you are currently not aware of yet.

Nope.Do I expect any of my money back.

But you have already stated it is not a holdover tenant.Both of these are long processes, so don't expect to get your property back for 2-3 months at a minimum.Lastly, you can sue the squatters.