The exact conditions required for a residence to be habitable vary by state, but often include an operable heating source during cold weather. 

But, when investing with two people, it is better to do that via limited liability entity with an operating agreement so that it clearly is written what happens when someone wants out and stuff. 2) Looks Like your LLC is pretty straightforward, so you can actually do it yourself or via lease zoom, and it can always be revised once you have few properties and get more complicated with other members.

Are you saying operable shutters that open and shut?

Spoke to the lawyer today about drawing up a partnership and operations contract.

I would only recommend this strategy to capitalize a business with more than $100K of retirement funds.The operating business must be a C CorpThe corporation sponsors a 401k retirement planYou can rollover funds from an existing tax-deferred IRA or 401k into the new 401kThe 401(k) then uses an Employee Stock Option Purchase to purchase shares of the parent C corporation.  

The operating agreement of the LLC will dictate the splits that you mentioned. 

I've worked as a licensed athletic trainer, a maintenance technician for a local school/church, a package handler at FedEx Express, and I own and operate a small landscaping company. 

While I only have about 25K to start my investing career, I thought of an interesting way to potentially acquire the rental property...My friend owns and operates a relatively large landscaping company in our neighborhood. 

The upside to that way is they have zero debt but also a pension usually, which will be much harder to have for our generation

.$215,000 Purchase Price$3,800.00 Projected Monthly Income (with all 8 units rented)(Current rent is actually $2,850 with 6 units rented)$2,177.50 Monthly Expenses$1,622.50 Monthly Cashflow13.92% Pro Forma Cap$29,928.00 NOI13.92% Purchase Cap RateTotal operating expenses: $1,306.00Mortgage expenses: $871.50 Vacancy @ 7%: $266.00 Repairs @ 5%: $190.00CapEx @ 5%: $190.00Insurance Est.: $60.00Management @ 10%: $380.00 P&I (30 yr, 4.5% estimate): $871.50Property Taxes: $220.00***Total Monthly Cashflow using 50% Rule: $1028.50