Those who attended are now starting to build a REAL local network that will mutually benefit them either through partnerships, education or motivation.If you are interested in joining us for the next meet-up, we created a closed FB group called Tampa Bay REI Growthstermind.

No formal agreement was made on a “partnership” agreement and anytime I suggested such he said we’ll figure it out later.

It's unclear to me what would trigger them finding out about it in the sale process. 

Lastly, converting the property to an LLC after the property purchase may trigger new taxes, specifically a Title Transfer Tax. 

Otherwise seller-financing, partnerships, and subject to (not my area of expertise) can be great ways to acquire property without a lot of capital.

However, a major [permitted] project could trigger a change to the building valuation in any year... say you were to build an addition that adds another bedroom and bathroom... that would likely trigger an increase in value beginning the tax year in which you do the project.

If you're in a separate, non-SDIRA business partnership with these folks, then they would be disqualified as well.It really comes down to the details.

It is important to protect your business by selecting the appropriate legal entity (whatever the entity may be - corporation, S corporation, partnership, sole proprietorship, limited liability company or limited partnership).

Just do some research, get your "toolbox" in progress, ask alot of questions - but most importantly, pull the trigger!

Or should I just pull the trigger?