The question is just how beneficial it'll be based on the property and your specific circumstances.

I am not a QI soliciting business, but have had customer experiences with all of the big ones out there.DM me if you want my perspective.One of my very best experiences has been with a QI based on Florida.

Prices have skyrocketed in my area and based off comps, I believe my prop would appraise for around $700k.

Would it be "primarily for business"? 

That said, I know a number of people who invest primarily in Madison who are doing very well for themselves.

Based on your explanation, it looks like I fall into category 1 since I plan on repeating this strategy at least 2-3 more times.  

On our end it looks like we only received communication from you on Friday.

Our current focus is working on 1-4 unit fix and flips, but eventually work towards being able to refinance properties and keep and cash flow them.My question is  tailored on the the way I should structure our relationship for the legal and tax base purposes.Should I secure the deals under my business and pay my partner out of my business operating account?

As Melanie noted, true CAM costs (but really NNNs) are billed based on actuals.  

Hi,My father purchased this 2-family house (R5 Zone) back in 1976 in Astoria Queens, and just like many other landlords in NYC he rents out the cellar/basement.I've been reading online the definition between a basement and cellar based on the link below, and I think my father's falls under a cellar.