So essentially, as long each of your (up to four) partners have some sort of active role in your partnership, even a small one, you can partner up with them via JV (joint venture.)At the end of the end, always consult with an attorney.

This is something you have to look into when walking through a property or consult with your realtor. 

Or does the 203k consultant do an inspection?

If you are not sure about the legality of certain issues, you should hire an attorney or real estate agent to consult on what you are doing.

He was a Partner in a consulting company, living permanently elsewhere, but spending most of his work days in Detroit.  

The best advice I could offer you is to consult with a real estate attorney in your area. 

@Eamonn McElroy Yes, I will be sure to consult my attorney before starting anything solid.

If they did no one would be in a nursing home.A nursing home might be able to put a lien on the assets of a resident if the bills aren't getting paid....ask an attorney in your jurisdiction.If there's real risk here shouldn't your grandfather consult his estate planning attorney? 

That said-A CPA/tax preparer with real estate experience can help with the book keeping and taxes preparation - consult one on the front end of the process to know what records you need to keep.A fiduciary financial planner is worth a consult to understand and plan for how best to move your money out of your stock options.I'm in a similar situation and here are my observations: your stock options, RSUs and PSUs are all treated as regular income.

If they were insured correctly, then the lending institution would receive notification of the change in insurance and would call the note due.My next question is, what type of attorney did you consult on this?