If the partnership is set up using an LLC then the LLC would issue K-1's based on the ownership percentages and it includes guaranteed payments to partners for loans. 

Hi guys, I am thinking of making my first offer on a property in the KC area.Here are the numbers:Sale Price: 85000Down Payment: 17000Closing: 2000Rent: 950Insurance: 595Taxes: 857Vacancy: 29 (3%)Property Management: 95 (10%)New Tenant Placement: 40 (assuming 2 year tenancy)Repairs: 48 (5%)Cap Ex: 71 (7.5%)Projected NOI: $547Mortgage: 365Cash Flow: 182.13Cash on Cash %: 11.5%What do you guys think?

(See RCW 59.18.070)If the tenant is on month to month or does not have a lease, you could give a 20 day (at least 20 days) written notice (prior to the end of the month or point that payment is made) that the tenancy will be terminated.

I wouldnt say it has great cashflow like others who invest out of state, but to me this is good enough as learning curve.Here are my rough numbers:Purchase price $303000Repairs and Closing cost is about $7kDown payment is 25% Total invested about $83000PITI is about $1550.1 unit was rented and the other was vacant.

If so, not much would need to be done other than to say "no", as the kids would currently own the property outright by operation of law.Now, that said, step-dad may have his own claims to be considered in evaluating all of this if he in fact contributed to mortgage payments, maintenance, etc.

I would buy a multi family deal and do the refi cash out after 1 year later to get your down payment back.

Note payments have paid a ton of my debt off!  

Your credit score is very good and if you have the assets to fund the down payment and interest payments, I don't see why any lender would not do a project that large unless their funds are limited.

what is her payment  history like?

Payment will be expected at various points during the project, and will be spelled out clearly in the contract to avoid surprises.