EXCEPT  when it comes to State information, use OnlineEd. the dummies application covers federal law, but they don't cover the few individual state laws, but they will direct you in their sections to look up your state law regarding specific items.

Proposal: 60/40% (me 40) ownership in all properties in exchange for me bringing all taxes current, maintain grounds and pay all taxes going forward.What items would you include in the purchase agreement/bill of sale?

In the world that I live in so many investors have successfully built up piles of tax deferred gain that is working for them. 

@Dmitriy Fomichenko, thanks for action items.  

Some other items to consider that are ofter overlooked:How accessible is the syndicator?

Syndication, and real estate in general is built on the premise that with experience come more units.I know I digressed a lot.

Hi Rex,You can do it in the CPA format that lenders like to see, or you can do it leaving out your personal life items.

(Purchase and rehab $ Are from the loan I took on the other house) Loan payment on the $60k is $4860/year What confuses me is where to add in the loan payment and do I then figure out the cap rate of the 2nd property with the purchase/rehab cost, but that cost is built into the 1st property.

Does it need a big ticket item? 

Purchase price: $44,501 Cash invested: $13,300 Sale price: $129,900 Quick flip, rehab time was 3 weeks, just needed clean out, new flooring on first floor and carpeting through stairs and 2nd floor, Property was built in 95 and has a full basement with French drain and newer utilities.