If there is a lot of equity, and worth splitting the holdings into separate LLCs for asset protection, then it may be a very reasonable cost. 

I want to make sure that this would be a fair and profitable deal for each of us, and so if each of us are putting an equal amount of our business money we also then need to equally split the responsibilities of running a buy and hold business, or conversely, we need to compensate the person, or persons, who are doing more of the work.

Once you pass your RE test you can find brokerages to hang your license for relatively cheap, around $30 per month and keep all of your commission or even cheaper where you split some of your commission like you were alluding to in your post.Kelsy, good call on the REAPS.

First we need a few landlords in Austin, Cedar Park, Leander or Round Rock.

Its just a promise to pay, and if they loose their job, or a leg, or a spouse, or any other reason, it could force them to stop paying, and if they can't start repaying, ultimately you would need to get a Deed-In-Lieu, or foreclose.Also, not to split hairs, when you buy the note, you are not the lender, you are just the note owner who receives all future payments; you never lent any money.

I think I have my answer... only wait time is time for any deposits / transfers to complete and be registered in the account before it is usable.BP Rocks!

Thought it might not have been rock solid, it might have been just that little bit more of an edge that would have kept him from taking their deal until ours fell through.Won't make that mistake again!

I am a first time real estate investor and CPA in Louisville, KY and recently purchased a duplex (two unit each 1 bedroom one bath split level property) in the Highlands area which is a relatively high market value area in a prime location.

This is what you and the buyer will be splitting.

We are looking to clear about $14mil in profit for us and our investors to split.