In addition, One of the main (there are a total of 3 possible) parking lot entrance / exit points is included in this parcel also.

My properties I don't expect appreciation (multi's are in area's I wouldn't live but I haven't been shot at yet either :)) to be significant and my goal was primarily additional cash flow.

If you're looking at turning a primary residence into a rental, there's the additional advantage of having a community "on the ground" at your unit.As an example, our unit in Burbank, CA, is in a condo community, and the online community forum has helped us greatly: when another owner rented to a bad tenant, we knew about it before our tenant complained and could handle the situation proactively.

Next, judge your portofolio and additional investments by Capital Asset Pricing Models.

If I need to order a dumpster or get a quote on new windows, I add it to the list as soon as it pops in my head.

You need a whole solution that prevents it from repeating.

In addition, new properties command higher rents, with vacation rentals having the potential to be even higher!

The issue of your partner using a loan/mortgage on This property, as opposed to bringing cash, is another matter which as Jerry said, brings additional risk to you.

Sort of.But.. if the contract prevents it there really is no way around it.

So, hoping for $11K net profit to me and $11K to another investor within 3-4 months.We will split additional profits/shortfalls proportionately.