It's money well spent.Of course, get a tax pro involved.

You can leverage up to 100% of your property with no UBIT due if .....IF there is NO SELLER involvement after the sale.

This was because of 2 things; first, the property management company I had was awesome and took care of everything well enough that I didn't have to get involved outside of electronic communication and 2nd, The lease document I had used was given to me by someone who owned several hundred rental units (in Canada) and was rock solid.

By being involved with him on the property management side of things you will no doubt get into conversations about investing and pick up knowledge along the way.Experience in property management is a great asset even if your ultimate goal is to be an investor and hire property managers in the future.

Keep a small but stable group of buy-and-hold buyers (low, mid, higher income type properties), a group of rehabbers who flip with varying degrees of work involved, and continually seek listings both from your buyer base and from other investors.

Your plan seems pretty good, but it involves risk with out of area rehabbing, and major dependence on your partner to make it work.

Aside from becoming familiar with leasing agreements, you will also find that you will come into contact with many people actively involved in RESebastian

Hey Jason...What about a Real Estate investment opp that doesn't involve all the messiness of "tenants and toilets", taking out loans/financing or rehabbing or construction or buildings of ANY kind?

I just won't deal with the attorney or broker involved again.

@Jordan Kissick Take action get involved and make offers.