So this could be a combination of “place for her to live initially, rental in a few years when she buys her own place, inheritance down the road”. 

@Bryan Devitt that 10k is after subtracting the initial downpayment and 20k for rehab costs (doing the work myself) Using the 5%down/5%interest I would be at 28k after subtracting the initial investment.

Based on the awesome input I got here from everyone, I've updated my CapEx and Repair model - takes into account lifespan over 30 years, and if the age is within 85% of its lifespan, it puts the cost in the replace column, and automatically reduce the capex lifespan cost by the initial replacement cost, otherwise it just takes the replacement cost per year over the span of 30 years. 

Richmond REI, RING, Richmond Real Estate investing, Deal maker session, & more!!

Expect more than $1k on initial repairs.

I went in and repaired the property and did the following updates: The property appraised for a little under than what I expected, but I gained a few insights from the initial BRRRR.

My girl and initial goal is how would you construct a real estate empire?

So, under the partnership tax structure, I'd save 12.8% after the initial $28,400 income from the sale, right - would my incomes stack? 

This then leads into the paragraph that I posted initially in my thread starter.

I also like the limited partner aspect, meaning that in the unlikely event the deal goes south you won't be subject to liability beyond losing your initial investment.