I think the common knee jerk reaction to the attitude toward banks/lenders and appraisers is a little less than fair.

(Most don't do this, but it drove me crazy driving up to my properties with the grass knee high)So $750 x 12= $9,000 in Gross Rental income - ($1,950 FIXED COST) =$7,050.Of course there's maintenance: It's hard to estimate a cost that can vary so widely from property to property.

to this day we still jointly own very valuable (appreciating) property but only discuss it through attorneys.

It will probably be harder to convince new joint venture partners, but I think more due to the lack of experience than age necessarily..Had the same issue at work..

Our accountant definitely prefers S-corps to LLCs.Our goal is to continue to purchase and rent out properties with this partner and ultimately be able to get investors for future deals, so we want to be able to show that we are legitimate and have experience.Question: Do we have our friend set up an LLC or S-corp of his own and then enter into a joint venture with him?

He's involved in a 1031 exchange from a property in southern California he's selling and wants another so cal property, so hopefully we'll be able to work out the details for a Joint Venture!

Purchase as tenants in common, both go on the note jointly at a bank, they can probably marry the two of you financially at least.

I currently have a house rented with 2 tenants, jointly on the lease.

I read your post the other day but it was a bit confusing - I guess I got as overwhelmed as you must be feeling - so I've gone back to read it twice to try to understand your question and the challenges you're facing.I have no idea what the waterfall thing is you mentioned but it seems to me that you should look into a 'joint venture' if or when you find someone you need to work with.I think your bigger problem is that you don't know what you're doing so you're at the mercy of others.

I have a joint venture with a GC.