Spray painted walls.

So, all pipes to sinks, toilets, washer, etc. are running outside the house and then new holes were drilled into the walls.  

I've dumped all my market-based investments for real estate and real estate lending for the following reasons:1) Control - I'm in charge, not some crook on Wall St.2) Stress - market volatility has no direct impact on me.3) Leverage - can get more more on RE4) tax advantages - where else can you depreciate an appreciating asset5) cash flowI'm not missing the stock market one bit!

My wife calls them therapy houses that I can work frustration off in by tearing out walls. 

I am opening up a wall and making the kitchen bigger and doing other minor repairs needed.

I would identify in the agreement profit splits, exit strategies, and management of the project to say the least.It depends on your strategy really...if you are doing fix and flips, then there are so many different opinions on little things like even what color to paint the walls, so as you can see, this form of investing has a lot more details that would need to be hashed out with partners.To keep it simple, I would suggest buy and hold, with profit splits, and predefined exit strategy, and maintenance. 

Don't demo the church, leave 2-3 walls so it will still be classified as a "renovation" and not new construction, cuts your time around 6-8 months.

Only thing to consider is if the economy destabilizes (because of the last week it seems to be unraveling on Wall Street).

.• Structure includes the foundation, the walls, the windows and the roof.

Luckily, The fire place was walled up years ago so we don't have to worry about that.