The partner would help with any needed finishing funds and also front the missing mortgage payments.

But in most scenarios I would say you don't want to miss out on depreciation. 

I will hold a 25 year amortization mortgage at 4.5% The owner put more than 1. 2 million into the property when he built it 2 years ago and this does not include the furniture that he is keeping in the property.Please let me know if you see something I may be missing.

Either way, after 8 years of working together, he still needed oversight on each project, and still turned bad on me.Even for a simple project, and with everything outlined, things will come up or be missed that need to be caught quickly.

If you're concerned about late or missed payments in your market consider incentives to make sure payment is received on time, a minor discount, 12 months on time payments = a gift card at Christmas, etc, etc.Also check your local laws when it comes to fines and specific 'grace periods', you may not have much of a choice in the matter.Good luck!

I saw the text msg and missed calls the next morning.I sent my handyman over to fix it the next morning and they weren't mad at me.It might be worth while to buy each tenant a water key tool and show them where the water shut off is.

2)Is there something I'm missing or unaware of with this type of legality?

2)Is there something I'm missing or unaware of with this type of legality?

You missed @Jonna Weber quarterly meetup last night.  

I believe a mentor is what I truly am missing at this point because I tend to get so caught up in visualizing my end goal that I struggle to identify the requisite means and immediate actions that I should take to get me started on my investing journey.