@Roger Poulin I'm creating a real estate company currently and after I get all my infrastructer completed I'll be using some capital to reach out to delinquent owners in the hopes to get them out of their foreclosure issues, and hopefully also collect a portfolio of land to resell.  

Simply the cost of damages would have needed to be in the original move-out security deposit statement which is usually sent out within a few weeks,,(state guidelines vary). 

Only you know which route is best (Refinancie, HELOC, etc.) for your financial position but, if you can get funds to pay cash for this, your chances are a LOT better.Your other considerations are a completely different issue.

My brother owns a condo in the Fayetteville, NC area and recently got a letter from his tenant's lawyer stating that they have filed bankruptcy and that he could not directly communicate with the tenant until the bankruptcy was complete.  

It is complete with all of the time frames for documentation, inspections, and deposits and stuff, which is nice, but lots of boilerplate as well.

Do you both co-sign on the loan and simply have a contract that outlines how the cash-flows, capital expenditures, capital gains, etc. will be divided?

Lots of power in that statement and I completely understand what you mean.

At Bigger Pockets, you can reach out to other real estate investors while completing deals successfully and correctly.

Work must be done with licensed contractors and completed within 180 days after closing.The loan is based on purchase price plus rehab funds, which are drawn down as work progresses.They also include a reserve 10% minimum for potential budget overruns.3.5% down is based on the total amount borrowed.You also have to pay closing costs, which are substantially higher than a traditional FHA loan.

PS landlord tenant court is a complete joke. if you have the keys to any vacant apartment in this city you can walk in and just sit down without ever seeing the owner and the owner will have to go through 6 months of court to get you out because the city doesnt want more homeless people so they dump the responsibility on building owners!