Katy vs piney point, cypress vs. the heights is more of a locational speculation from years out and why you follow the businesses. 

You can make money at all of them but you want to go into your real estate investing Business fully understanding the impact of each strategy. 

After George Air Force base closed, so did a lot of Businesses, Growth in the area stopped almost overnight. finally started to pick up again in about 2004 then all of the sudden home prices in the area rose 300-400% between 04 and 08...

I am a new investor, and I'm seeking advice on structuring a partnership for a $650,000 property venture.

Like any business venture, you want to have the basics covered.

@Robert Rixer what worries me about MSP is rent control, unfriendly business policies and no real large corporate growth.

@Noah Condon,I want to add a few thoughts here before you set up an entire REI model on flipping that just happens to be structured in a way that let's you navigate around 1031 exchange rules:The IRS wants to clearly distinguish between "dealers", such as residential home builders, and long-term investors.

The same size structure can vary in rent/value between neighborhoods and there is no way to be more granular with selecting comparable properties. 

While both can be utilized for tax-deferred real estate investments, they operate differently and cater to different investor needs and circumstances.DSTs:Delaware Statutory Trusts (DSTs) are a form of ownership structure that allows multiple investors to pool their resources and invest in large commercial properties.

Our agreement is for a structure shared by two properties, but we have found signification  cross-over from Private road maintenance ags.think this is too specific - google only came up with a couple free samples we could review.Any outlines from experience also helpful.