I really want to be able to run a sort of music retreat/recording studio out here, surrounded by nature but still pretty close to the city.

We have a studio apt on the first floor of our townhouse and its worked out very well as an airbnb.

Property has three units with two rented out for 600 and 500 a month.Property also had 13 storage units on it that rent for 45 each.My plan: Raise rents to 800 a month for two bed 1 bath units.Create a studio out a bonus area and charge 650/month.Use the garage as more storage and charge 150 a month for storage in thatRaise rents to $55/month in the 13 storage units. 

The property I am considering has 5 bedrooms in the main house in addition to a studio apartment in the back yard - for a total of six rooms. 

That facility, which will include Char Restaurant on the ground floor, is slated to be finished by August.Layouts range from studios to three bedrooms, with prices starting at $945 and going up to $2,133.

I know him through work, we're both consulting to the same client/project and therefore work together a lot.The deal we came up with is the following: We divide the ownership 1/3 for me and 2/3 for him (both ownership, appreciation, cash flow, mortgage etc)He will put down 60% on his 2/3rd of the mortgage, thereby allowing me to put down only 10% on my 1/3rdThe price for this is my "sweat equity" by doing all the work regarding the acquisition of the property, sorting out the mortgage etc.We will look for a 40-50 sq. meter studio and convert that into a 1-bedroom apartment to add value (in Utrecht comparable sized 1-bedrooms are more expensive than studios)We'll rent it out, split all costs and profits according to the 1/3 and 2/3 ownershipAfter a few years we refinance (when there's enough capital in the property by adding the bedroom plus hopefully appreciation), and that's where he pulls out all his initial capital plus some (effectively going from 60% to 70% LTV and upping the mortgage), and I will pull out a little bit of capital because I will go from a 90% to a 70% LTV.I will be doing the property management, for which I'm getting paid (we work out the going rate, and he will pay me 2/3rds of that monthly rate out of his cash flow so effectively we're both paying according to the partnership split but I'm receiving the money)I will be able to tap into his experience and knowledge with a small amount of money into the deal during the start. 

@Max Tanenbaum I've purchased a couple books off amazon I'm trying to find time to read.

Amazon is supposed to be opening a distribution location in Las Vegas creating 1,000 jobs, and speeding up you online ordering junkies orders.

Amazon has taken it a step further and also deliver fresh groceries to your doorstep with a touch of a button.

First i want to say hello to everyone i am so grateful and appreciative of this site and everyone that takes the time to educate and spread knowledge freely here.please excuse any mistakes or errors from my typing i am not that great with a computer once again my apology if you guys come across any typos or errors take it easy on me I am a newbie to real estate investing i am from boston mass my background and experience is in construction for the last ten yrs and i worked on and off on crews i worked property management and also i worked on crews were we rehabbed flips for investors so i am familiar with house flipping and how it works and i saw the big guys make money and i always had my sights set that the first chance i get i got to secure some property of my own you know Not getting too much off the topic but i was fortunate enough to inherit a good little amount of funds to get my feet wet and step off the porch but i suffered a great loss I read tons of books i listened to tons of webinars here and all over the internet and i said its my time now i said a prayer and decided that the route i wanted to take was house hacking  my credit score wasn't that great but i paid of all my debt wasn't much under 5k and i started to work on rebuilding my credit i then started my own property management business back in october/16 and i am determine to grow it but its tough starting out trying to land accountsI sat down with a banker and even though i had money in the bank he said i would have to show 2 yrs of w-2 statements and decent credit and solid steady income to qualify for a fha loan with 3-5% down my business is too new So i went back to the drawing board and decided if went further south of boston i did the homework and ran the numbers i could secure a multifamily for under 200k i could possible make things work but i needed it to be on the low end of the 100k range in order for me to afford to possibly renovate and get rents and not run out of money because realistically 200k is all i have i figured i have to take that risk i don't have any kids jus a fiance whats the worst that can happen right lol  so for the past five months i set out on the hunt for a foreclosure but it had to be a multi because the plan is to stay independent with no mortgage was the only way for me to succeed at trying to make it i want to own and manage all my own properties i don't want to sell anything buy and hold i strongly believe passive income is the best way to build capitol and build wealth to grow sooooo finally after these long hard stressful five months were i was only able to find only 5 house that could work and that i could afford for my situation that i was looking for and losing bidding wars to people with more money than me and everytime the bank said submit your best and final and my realtor calling me and telling me you didn't get it ....i was deeply discouraged that the reality was i didn't have enough money to land a bargain because affordable cash deal was selling fast cause everyone is looking to invest right now     but god answer my prayers and i was able to submit a offer on a house that was listed for 150K and after going back and fourth with my realtor and bank they finally agreed to a purchase price of 125k for a triplex 3600 sq. with also a inlaw unit that i could also rent out for making it a total of 4 units i can't believe it i am undercontract so i hired a real estate attorney to handle the deal and i am currently waiting for company to come out and dewinterize the house so i can do a walk threw with my contractor who is my old boss and friend and then i will be getting a home inspection i believe and moving forward to signing a purchase & sales agreement i don't have a exact closing date yet but i am expecting to do a 14 day close also the house needs a lot of work and its in a b /b- neighborhood and i have to do tons of renovating but i still have a cushion to get some renovations done 125k purchase price +50k brings all the mandatory stuff i need up to code electric/plumbing/boiler/ etc ... and renovations i will be into it for 175k is the plan 25k left over as my pincushing but remember i will be house hacking so i will be living there and perform most of the renovations i can myself and i will do over units that i can with my budget so i can bring in rentsThe number one thing is i don't have a mortgage so i won't be under pressure with a mortgage payment every month and this would be a great starting point to build capitol for next rental multifamily investment  i will only have to worry about land taxes+homeowners insurance+plus water cost i would like any feedback if any thoughts and advice from experience people and also opinions on my strategy here and once again thanks for taking the moment to chime in on my experience ....   4 unit3bd/2bd/2bd/1bd-studio3bd in that town rents between 1000-15002bd rents between 900-13001bd and studio rents between 750-1200this property is a potential win please get back to me with any positive thoughts