Read a time tested classic real estate investment book, by an author like Bill Nickerson and Jimmy Napier5.

i would start with Guide to Investing learn the importance of cashflow, a house is not asset etcTo be honest set the target of say ten-fifty pages pages a day of a real estate investing books from an author with a track record.Then you'll go through alot of good materialNo one person knows everything so you'll pick something here...then another there etc till you get the picture that works for you

Thanks for playing devils advocate though always good to reevaluate my decision.

Expect the fees and interest rate to be higher, expect the LTV to be lower and likely you'll be paying interest on the full amount of the loan from day 1.I agree with Dmitriy however that UBIT is in play regardless of whether or not there is a recorded lien or an equity partner.

The best way to explaining this is for you to download an IRR calculator spreadsheet or build your own simple one and play around with one.For what its worth most deals I deem meeting minimal IRR standards is 13-15% but you have to dig a little deeper to uncover the real placements of cashflows and capitalization events... and then dig even deeper to verify the assumptions such as occupancy, rent increases per year, and what reversion cap rate was used.Again I don't look for IRR cause its manipulated a lot instead I look at total return on a 5 year basis.

@Sindy Zheng, Two authors you should check out are Frank Gallinelli and Rob Beardsley, both have books on Amazon. 

@Stephen Chatto  if this is in a small town no chance that he is going to play that game well. 

I played dumb and asked him where he, his wife and infant son were going to live.

The accountant has to play "catchup bookkeeper" for the entire year --- but (s)he gets paid for it apparently...All that being said, there are other advantages to having an additional checking account. 

But at the same time, I have realized when you trigger an address by filing something it usually sends up a flag to the local tax commissions or authorities for the address listed which will sometimes trigger more back and forth explanations where everyone is looking for their share of any income produced.