The difference would be if you have other people working in your business, which is why I mentioned being a broker.If all your income is your personal commissions, you can't say with a straight face that some of that was NOT compensation for your services.

The reason I ask is because she won't straight up tell me cold, hard facts or information.

Even though I completed the application and got the credit card through the door as was promised, I never used it straight away.

Been trying to ask Yardi's sales reps, but I can't get a straight answer out of them.

As for the % to charge for these fees and how to split equity (straight split, waterfall, something else) @Omar Khan can help you more than I can. 

for rentals I think cutting a straight line by hand and rolling is pretty fast.

@Liz Sickinger Maybe I'm not following...are you saying you want to weigh using a lender instead of private capital...there's a lot more going on here, just trying to get on the same page.Forming an LLC doesn't really accomplish that much for establishing a joint venture...I mean, they're good, but you'll need an attorney to draft an operating or JV agreement...I guess you can always go forward on a handshake if you're in a great relationship...but there are a lot of moving parts and risk associated with flipping property.If your partner is funding the deals 100% he'll require security in the form of a deed...so, he'd have ownership from the get go and you would be able to hold equitable title (depending on the terms of your agreement that is)...there's a hundred different variations to this...Sorry, hard to give a straight response without more facts. 

Yes, for a 1031 exchange to defer all taxes you must do things:1) buy the same value or more as you sell for (less direct selling costs)2) reinvest all of the cash proceeds from the saleFor a straight up sale, rough numbers:Assuming you spent $10k or so on improvements, roof, a/c replacement, etc (ignore if you didn’t)Your basis would be $133kDepreciation deduction over 6 years, roughly $3500/yr (building value only, plus any improvements/27.5 years, assuming value at time of rental conversion exceeds your cost basis) $21k taxable at your ordinary income tax rate, Max 25%.Cap gain, assuming $170k net proceeds from sale;$170k minus $133k (if you had $10k in improvements)=$37k taxable as cap gains at likely 15-20%Of course the exact numbers and your personal income situation determine the exact numbers

@Dan Barli I'm trying to get the general process straight first before I make connections.

I want areas that are good for cash flow now and also are starting to show signs of turning for the better or have the potential to turn around.3) Being younger and not having a ton of capital yet.4) Being able to buy owner occupied and take advantage of better financing/seller assists compared to buying straight investment properties.