The property had a major flood on the basement about 2 years ago and since then the property has been empty because  the mold remediation is very expensive and he just doesn't have the funds to get the work done. 

Real estate is relatively illiquid, and if one partner decides he or she needs to leave the partnership and access equity from assets(though the other partner may not want this or view it favorably), the dissolution document will allow for governance of what is or is not possible, and help avoid adversarial emotion when such an incident occurs.3.5) 51/49 split - make sure your partnership allows for you to make a majority vote when you may need to. 

I am extremely interested in Multifamily properties, and potentially leaning my expertise towards the "Student Housing" market, as Arizona has three major universities within the state.

Before you move ahead you need to contact the local building department to find out the regulations regarding the use of the land.

There's a lot of building, and quite possibly over building happening in many major markets

Building of Fed Ex Forum and now 3. all the development around the city, including the expansion and relocation of several major name businesses you mentioned in your blog.The geography of the city is not only great for the logistics business here, but there are also so many great weekend trips within a short drive of here: New Orleans, St.

I have committed majority of my time to educating myself in the real estate investing business.

Good question, it's a really simple one actually they just didn't finish ;)I bought in right after the first major dip in the recession.

If you are paying utilities that can be $100+ a month per unit easy and can kill your cash flowFor capex you should keep track of all major systems and appliances and when you will need to replace and work backwards from there for capex

I aim for higher end rentals and these just don't seem like a major maintenance headache to me, so I am pro-ceiling fan.