But went about it this way because I am closing on other properties in my own name right now so we used just the father's financials to qualify for this particular one, and the mortgage market does not allow lending directly to an LLC anymore.Simply put, our goal for tax reporting is to divide all rental income for this one property equally in to thirds, and to do the same for all expenses (mortgage interest, taxes, insurance, repairs, etc.).

One idea would be for me to contribute 20% of the funds plus everything mentioned prior while he provides 80% but we split the profits 50/50 what are your thoughts and/or experiences?  

Now I used to work as the Lender on some of the most highly structured, large balance CRE loans in the nation - and I remember one loan document that required the repair process to have begun within 10 days of the loss and repairs had to be fully completed one year prior to the maturity date.

Since you're doing your due diligence on this, like I've been doing an I'm new as well, you might want to research asset protection to see what fits your business goals. 

I've tried looking up the potential liability of a Salesperson in the line of doing normal work.There are a number of tricky things, especially here in NYC.Just to give a clear example, let's say your client is a Buyer and you are showing him a Property built in 1960.According to the the EPA, the Buyer should be presented with a Lead Paint Disclosure when purchasing any property built prior to 1978.If a Buyer never receives this disclosure, buys the property, then later discovers there was Lead Paint, then sues.... who can he sue?

Hi Joel, great goals!

Here are a few links using the search from Google "my broker wants to buy my house".Listing agent wants to personally buy my propertyMy realtor wants to buy my house prior to listing it for sale.

Is the fact that the property shows signs of being used as a three family prior along with adequate parking (I hope) a good leg to stand on?

My main goal right now is to learn the ins and outs of the industry, and purchase my first property before the start of 2018.On the reading list right now is:The Ultimate Beginners Guide to Real Estate Investing (Brandon Turner)The Miracle Morning (Hal Elrod)The Book on Rental Property Investing (Brandon Turner)Since these first posts are more meant as an Ice breaker, I'll throw out that my favourite kind of ice cream is vanilla, because it pairs with toppings so well, and tastes good by itself.

Howdy @Ivan CorreaIf you want beneficial information you need to provide more on your goals and what you are interested in.