I am three months in to looking at properties, finding one, negotiating the deal, getting under contract, clearing inspection items and seller credit, getting the lender appraisal, etc etc.

Your post isn’t very clear as to what you’re asking besides needing a JV partner?  

@Taylor Hazard Just to be clear, Colorado has bad soil as well.

Just to be clear when you refinanced 75% of the appraised value equaling $41,250) You paid back the first loan of $35,900, leaving a remainder of $5,350 in your pocket correct?

[I mostly want the experience and I would be willing to take a smaller cut on the pie]3) Oddly enough the agent just text me and tells me that this is owned by the bank and there will be an auction for the property this Wednesday 11/22/17.

Thanks all, Still some points are not clear to me.e.g. some Company which installs shower panel & Door which includes parts and labour and they gave us invoice and we paid them using credit card or check so now do we need to issue them 1099.

If your goal is indeed a cash-flowing investment, then you'll want to steer clear from any development where you'll be required to use their in-house management at fees from 30-45% of gross rent. 

@David Weintraub Sorry I should of been more clear.

I don't ever suggest you return it to the tenant and force the new owner to get it back because that could be a real mess.As others have said, you should get an estoppel certificate during your inspection phase and then provide clear instructions regarding the transfer of funds and other items so all parties are clear.

The resale certificate I got prior to the purchase (3 yrs ago) clearly mentions that the garage is deeded.In the past 2 months, while the unit is rented, the tenant may not have used the garage frequently and the HOA claims they can reassign the garage to other unit owners.