She will buy a distressed home and I will front the man power and money for all the repairs which might end up being equal to the amount of the house.

Everyone starts with an equal number of flyers in their personal stack.

And I agree with Andrea that it would be vital to insure the same qualifications as the other tenants or I would not allow it.

They aren't sexy, you will probably be called a crook and a slumlord behind your back, but if managed right, (and believe me and my gray hair, owning and running one will not equal money for nothing), they chug cash flow money like nothing I've seen yet if you actively work them.

I don't like using the term "one-month's rent", in case the tenant decides that equals "last month's rent" and never gets around to paying the final month. 

Specs are as follows:-1,876 sqft (we'll say split equally between both units)-4 bed 2bath total (2 bed 1 bath upper and lower unit)- 3/4 acre lot-24'x24' pole barn on property (possible 2 car garage)-Partially rehabbed at this time - incomplete kitchen in one of the units, needs new carpets and such.He is looking to sell after he is done in a few months but is willing to sell "for the right price" in the middle of his rehab.

If it's counted as a capital contribution then how is that accounted for when the partnership claims the deduction then the loss is passed equally to the members?

Remember, real estate marketing is not a cookie-cutter program that spans all markets equally.

I recommend cash reserves equal to at lease 6X your PITI payment, 6X the rent is better.

We already know we will be successful and are ready to make this all a reality.A Plan…FIRST 30 DAYS WITH OUR TEAM1.We refine this list and add details.2.We will sign a partnership agreement with clear understanding or roles, responsibilities, and rewards.3.We will make 100 offers on properties on the MLS.4.We will have at least three funding options.5.We will have 100 leads from outside of the MLS.6.Meet regularly and share knowledge.7.From those first offers we will have one real deal to look at.8.We will stick to our numbers and analyze the deal.OUR FIRST DEAL1.Meets our numbers and close in less than 17 days.2.We will have rehab plan3.We will begin to market home for resale4.We will deal with the first unforeseen issue and move past with knowledge gained and a stronger team.5.We will close on the home quickly after we list it.THE NEXT THREE DEALS1.We will be completely freaked out from being in our first deal but equally charged up to find more.2.We will be able to move faster through our areas of responsibility3.We will begin to finish each other’s sentences and we have trust in the team.4.We will begin to refine our systems individually and as a team.5.We will close three more deals and take away knowledge and improvement from each of them.AFTER THAT1.Some of us will grow and move on.2.Some of us will take lesser roles3.Some of us will feel very comfortable with each other and formalize a company that is doing 5 to 10 rehabs a month.4.We refine our actions, write it down and repeat in another area, maybe Santa Clarita Valley or the west side.5.We have truly changed our lives in a positive way.Well thanks for making it this far.