Since you have no mortgage definately transfer this into an LLC.I have a trust that owns a master LLC that owns individual LLC that own seperate properties.

Just starting and defining and refining my goals

It clearly defines the disposition of Earnest Money during the contract period.This is important because it protects you from losing the EMD. 

Sometimes your jockey finishes in first place, and other times she comes in 2nd or 3rd, but if she doesn’t break her leg, you’ll both move on to race another day and she will only get stronger and faster.What is a SyndicationNow, let’s define what a real estate syndication is.

We were interested mostly older homes with all of that character that seems to be harder and harder to find nowadays.  

Hi @Ralph Miller,Most of the answers to your questions is answered by just defining responsibility in your lease. 

Keep in mind you don't have to sell at a defined point (say 5 years). 

In the end, I feel that these costs shouldn’t be considered unless they are excessive, however one would define that.

I'm not convinced any of this is really about helping people or providing "affordable" housing, however that term is actually defined...  

A draw is just a pre-defined agreed upon payment.