I create Blue Estate LLC ( manager managed by me ) and Blue Estate Equity Fund I LLC which holds title to the 10 unit apartment building ( manager managed by Blue Estate LLC )Syndication fees are 1% asset management fee of total capital raised paid each your to Blue Estate LLC, 1% of purchase price paid to Blue Estate LLC and 1% of sale price paid to Blue Estate LLC. 70/30 profit split with 30% to me as an individual and 70% to investors. 6% preferred return.The purchase price is $1m I put that $250k raised from investors.

However, the part about "He said that he has almost unlimited bank financing" makes me wonder if he has the cash to be your debt lender or he only has the income / credit to just put down the 20% with his lender providing the other 80%.In that case, you'd likely want to create an LLC with each of you owning a certain percentage of the entity (like 50/50, 60/40 or even 70/30), and then you work together to find and fund the properties with him providing the down-payment, and a lender the other 80%.If not 50/50, its debatable as to who should be in the majority equity position...

@Ben Gabin you can form a partnership, most likely an LLC would be the easiest.Ask him if he already has an LLC through which he owns the property.

Helton thanks for the advice, I'm mainly looking for LLC formation and then transfer of title from individual to LLC, tenant contract legal review.

For California investors like us they use Delaware statutory trusts instead of LLC structures. 

The seller said he will create a new llc and transfer the property to that llc, then I can buy the llc.

Logan...these single families will each be owned by a Single Purpose Delaware LLC so yes will liquidate and 1031 into new properties and when a certain dollar amount is saved from 1031's of appreciated properties move on into multifamily..so I have a sound strategy in place.Chris, since these properties will be in an area that is today not quite frothy yet like Sparks Nevada there will be very low cash flow for the first 12 months as I have to keep rents in line with comparable properties in the area.

I am thinking of putting one my rental properties into a land trust plus LLC structure for privacy and asset protection.

Typically, people stay in hotels or other lodging (AirBnB/VRBO) but I wanted to take a different approach.I would be looking to purchase a duplex with the intent to finish the basement and either convert to a full triplex if allowed or keep it as a duplex and rent out the basement separately.The Joint Travel Regulation (JTR) states that a member is not authorized lodging reimbursement if the member purchases or already owns a property that is used for lodging during official travel.It’s clear that I won’t be authorized reimbursement if I purchase the property under my name, but what if the title is under my LLC with me as the sole owner and rent out one of the units (probably the basement) to myself? 

Get good contracts and LLC protection for that.