I suspected I may get an answer to that effect.

Gross Potential Income $132,000 - Vacancy ($10,560) 8% - Concessions, Loss to Lease, Bad Debt $0 Effective Gross Income $121,440 Other Income (Laundry) $2,500 Total Net Income $123,940 EXPENSES Real Estate Taxes $12,500 Insurance $0 Contract Services $2,190 Trash Removal $0 Electric $0 Gas $0 Water and Sewer OR All Utilities $37,500 Legal $1,000 Management Fee 8.00% $9,915 Repairs and Maintenance  $7,500 General/Admin $1,100 Payroll $0 Other $500 Deposit to Replacement Reserve $3,000 Total Expenses $75,205 Net Operating Income (NOI) $48,735 Debt Service Principal $7,384 Interest $24,857 Total Debt Service $32,242 Total Distributions to Members $16,493 Member Contribution $234,163 ROE 7.044% Member Cash on Cash Return 7.04%

If the contract becomes null and void, then the contract is no longer effective so neither party will have contractual obligations or rights. 

If you buy a personal and than rent out the rooms you can effectively live rent free while being able to take advantage of the low down/interest rates  of personal property. 

It seems to me this would be much more effective as we would have to put up less cash for deals and could have more than one going on at one time since there is less cash needed per deal. 

If hiring a licensed RMO isn't cost effective, getting a license isn't too onerous in most states: take a 3 day class, and have a decent credit history.

Is there a site that is free and effective for investors? 

Loan limits can increase by a factor of 3-5 in many of these cases, but this comes with a major tradeoff of 3-5 percent "compensating balances" (read more collateral via covenants or less money loaned in effect)Item 2 is desirable from the perspective of reducing brain damage and consolidating relationships.  

Otherwise all income and expenses will be in proportion 25%/75%I am looking for the simple and cost effective solution, which could keep each other accountable.Kyle

Hi BPI am future planning.I kinda know about 1031 exchange but never done one, b.c #1 timing and #2 not cost effective at the time------I bought a duplex that has 2 separate deeds, I am currently rehabbing and hopefully sell them individually.As it's tax season we were talking about the tax consequences with our accountant.- my husband is in a tax bracket that capital gain is almost equal to normal taxes, so my accountant says it didn't make a difference when we sell traditionally-also we would have held it for less than one year, if all goes right. no real tax benefit there.