But if you take out a 15-year now and rates go up, it could hurt you to refi to a 30-year.There is a good analysis tool on KellerINK that helps determine how much to set aside for repairs, maintenance, and capex.http://www.kellerink.com/products/holdThere is also an analysis tool here on BP that does the same:https://www.biggerpockets.com/buy-and-hold-calcula...

(My idea for the partnership would depend on two scenarios - we have not sat down yet and came to a solid conclusion at this juncture, however option one would be he stays in the long haul - I help finance the deal, take care of that side, put in my sweat equity/management where I can, then take care of lease out, property mgmt - we'd split equity 50/50 - second option would be for his exit at a pre-determined point in time.... cash out refi - and he gets 50% of the equity - walks away or keeps a percentage of equity leave some cash in the deal etc)Am I out on cloud 9 as far as getting build cost down to $50/sq ft or so?  

The quality of tenants can determined by properly screening potential tenants. 3.)

The IRS would see through that.You need to decide if:You want the money personally - take a distributionYou want to invest that money and grow it tax sheltered - but entirely at arm's length - setup a SDIRA.You could do both if there is enough money in the account and/or over time, but any time the money will be used for you, it will have to be distributed from the IRA.

As an operator, DIY labor can not be deducted ( irs says your time is worthless ), whereas the entire invoice (parts+labor) are deductable.

Hi @Anthony Russell...I like the creativity.I believe IRS rules limit 401K loans to $50K (total), so I assume this would be a limiting factor for you.

I would roll it out of the garage and then contact local code enforcement or police to determine the next step.

I don't have much capital or experience yet, but I am absolutely determined to learn the real estate game and build some long-term wealth.

Your SOL my friend, Brit has a good point there keep them in the unit smoke damage only really goes so far.Keep them long term and then bleach and paint all the walls when they leave install some new flooring if you have any carpet.Next time it's for rent the best way to determine a smoker, Ask to see the inside of the car they drive or their finger tips:-).

That will determine which laws you need to abide by.