With restaurants as an example if that food costs goes up, labor goes up, store needs reimaging, etc. all of these really eat in potential profits.I can own retail centers for example as a landlord and have the businesses do the intensive work with employees for sales and make a higher return with them paying me the rent each month.I am all about smart yield that is less intensive these days for returns.          

Now I have over a dozen free and clears, so you are smart to be aware of the principal/interest amort per payment as I was.

My #1 piece of advice is to buy something, just to get the ball rolling and learn.Be smart about it obviously, but don't be one of the lurkers who we see years later who still hasn't bought anything.Experience is worth it's weight in gold.

I think you are smart to avoid a condo if you want to invest for return, too many fees and rules and less appreciation. 

Make smart informed decisions.

Exciting and rewarding for those who are willing to cook in the smart/hard work.

Smart way to go for the first few. 

From the legal side (you should be talking to an attorney as well), it might be smart to have him liquidate the LLC and contribute the property into a new LLC for a fresh start.If you buy into his LLC, you're buying into potential unknown off balance sheet liabilities and lawsuits.

Wanted to hold it, but not the smart long term play due to moving out of state.

Invest where it's smart."