I am talking with potential partners if I can distribute property out of my IRA and do a joint venture with a contractor owner. we are still sorting out the details on how to move forward on that front.Any thoughts on how to do this and if it is worth while to tackle a property with lots of smoke damage?

#2: Never screw over your partner- Self-explanatory.#3: Never be unreachable-if you want to deal, then answer your phone.#8:Never take anything for grained-due diligence, as mentioned before,

Putting down 20% is a lot cheaper than bringing in that money partner in episode 2 and giving him 60% of the profits.

He has an unscrupulous partner and they are at the bottom of the barrel when it comes to integrity in business.

Up until recently my partner and I managed 65ish SFHs with maybe 10-15 hrs a week between both of us.

It may be better to partner with an existing N/P privately and support them as well.

Specifically stating the business purpose will help protect you in dealing in those activities, such as financing sales...say such does not mean you will or must do something.You might also incorporate limited partners as limited members so that you could take on future partners in a deal without giving up voting rights or positions in management.There's two tips, I'm sure others will follow......Good luck.

The standard fund structure is 2.0% Management Fee and 20.0% of the Net Profit goes to the General Partner/Managing Member.

Looking back on how I started working with my best partners I work with today, they all started with friendly conversations.

Essentially, I would like to buy and hold for appreciation (less likely), or look for a partner to develop.Any advise is highly appreciated.Thank you in advance!