My first thought is that we'd split them after his expenses, proportional to the amount we each had in the deal. 

It sounds like it needs a substantial amount of rehab (to your benefit) so if you can get into it for a low price with seller financing that would be ideal.

I imagine market rent in a condo or "gated" community will allow you to included those fees in your rental amount.

It just feels like I'm racking up a massive amount of debt and waisting my time while I could actually be working.Thanks for reading!

Well, perhaps no a lot, but a fair amount.

Please click on the links, give them a read, and share your thoughts in the comments.First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bp The second is a post that will help get you focused with your real estate investing goals:https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciatedThe last one is a post that will help you choose an “investor friendly” real estate agent.

If you elect to convert gross leases to NNN leases, you'll most likely need to reduce the rate so it is equivalent (or maybe slightly above) the amount the tenants currently pay.Before you walk down this road, make sure the commercial units are separately metered.

But taking my willingness to move on as weakness and incrementally increasing the bill amount unreasonably.So, I want to prepare myself for all eventualities.

I am wondering if there is an easy way in Cook County to find the amount of legal units in a multifamily property without pulling a zoning certificate.My situation:I have a property that is being marketed as a 5 unit, 3 units main & 2 units coach house.

A real estate course will help you do more learning than searching, which will save you a tremendous amount of time.