Being consistent with you apply your own methodology in filing your taxes probably needs to stay constant though.

I recently discovered BP and hope to both gain and contribute as I grow and learn. 

I have bought buildings this way. as all the smart people above have stated, think carefully about how you are going to stay ahead of the bank (paying off the loan before the interest rates. kick in) I just funded a new business using a cash advance check.

What is your advice to help us ensure this land stays in the family like he wants?

I would like to stay away from the big shops to avoid all the up sell.

The reason for this I have discovered is because the property has a live-in manager and 2 staff, which accounts for a large portion of the expenses.

I examined the area and with the help of one of my tenants i discovered that there was a large crack on the bottom of the tub but it had gone unnoticed because there is usually a non slip mat over it in the tub. 

After a year...Moving forward, assuming you want to stay in the Fannie world and milk GSE subsidized financing for as long as possible, don't do partnerships in quite this way.

Do meetup.com search of Real Estate Investor meeting 30-mile radius from where you are staying.

The appreciation alone is a reason to stay in that market.