Being consistent with you apply your own methodology in filing your taxes probably needs to stay constant though.

I have bought buildings this way. as all the smart people above have stated, think carefully about how you are going to stay ahead of the bank (paying off the loan before the interest rates. kick in) I just funded a new business using a cash advance check.

What is your advice to help us ensure this land stays in the family like he wants?

I would like to stay away from the big shops to avoid all the up sell.

After a year...Moving forward, assuming you want to stay in the Fannie world and milk GSE subsidized financing for as long as possible, don't do partnerships in quite this way.

Organizers of the event will probably say they are from his team and will convince you you can flip houses in SWFL, all you have to do is buy their expensive system to teach you how.

Do meetup.com search of Real Estate Investor meeting 30-mile radius from where you are staying.

The appreciation alone is a reason to stay in that market.  

I am the owner of one apt in that condo...I ll try to access the info based on your feedbackAnyhow, I have learned my lesson and plan on staying away from buying apt/house part of an association!

Anyways, we took the jump to try to get into real estate and bought our place here last year in hopes of staying here a few more years before moving duty stations and then renting out our property.