I am partnering with a friend of mine to buy a property. We will both be providing Cash (either a 40/60 or 50/50 split) but I will responsible for managing the property and he is more of an investor. I will be the sol...

Best of luck on your new venture!

Maybe he does consulting work or his company does.http://www.anthonymelchiorri.com/Additionally you might could offer to joint venture with a larger hotel operator and give away some of your equity if certain milestones are hit.For instance you own 100% of something worth 1 million or 70% of something worth 2 million 1,400,000So it's not always the percentage but what you get in return.

- I decided that I really need to know the laws before I start this venture.

Contact @Jeff RappaportUtah Valley REIA (uvreia.com)Salt Lake REIA (slreia.com)If you want to venture farther afield.

Based on the info shared, I would try to Joint Venture with an experienced investor in your market (or the market where the property is) instead of doing a syndication.

Good luck in all your future REI ventures.

There are plenty of threads on BP about out of state investing, especially because of the high price points in our area, but I think if you attend some local events and speak to MA investors who have ventured out of state, you will find that many decided it was not worth it. 

We have a series LLC which allows us to create multiple series, each a stand-alone entity, for each joint venture we do with our investors.

So I take it there's too many hoops to jump through to make a basement apartment a profitable venture in Denver metro area?