Who pays the water, heat, hot water, cooking gas, trash, common area maintenance, etc? 

Hey @Javaras Thomas From what I understand a very common form of partnership is that one person brings the deal, and the other brings the downpayment. 

Another consideration is that most state laws specify "Security Deposit" so naming it something different could have side effects on common law understanding. 

You lose your job the market that you thought would happen isn't there your wife's health fails your health fails there are all of these things that you need to look at in a worst-case scenario and so when you go into a deal in this particular case my friend's best advice is to show him the downside right so that when he goes into this deal he and his wife understand the worst-case scenarios now they may still choose to do it that's up to them but at the end of the day what you have to do from a business perspective is look at your downside don't focus on the upside focus on the downside.

Was planning on owning property as Tenants In Common on title while loan will be in my name.

Simple bath and kitchen makeover, new laminate floors in common areas, painted all rooms, painted exterior.

If this is for a multi-family property I would tell them they can't have personal items in the common area. 

Common sense.

A lot of people think I shouldn’t be doing much but heck I’m unstoppable with my health and giving cancer hell 🙂 and unstoppable with my goals and professional life,too🙂 Quite honestly I learned value of multiple streams of income long ago.

Purchase price: $115,000 Cash invested: $17,250 5 Bed/3 Bath Single Family home built in 1988, specifically for the County Mental Health Department, as a group home for persons/adults with mental disabilities.