Attending REI networking events really is the best way to meet fellow investors in the area.

After meeting with our attorney, he suggested that we split profits 70/30% for the first deal, 60/40% for the second, and 50/50% for all further deals regardless of the capital investments by members. 

Unfortunately the one we're going to sell hasn't been our primary for 10 years and the other one, which does meet the criteria, is a much better rental for us. 

Spending an hour with a CPA who understands your overall financial situations would be time well spent, but there are some general rules of thumb:If you hold the asset for less than one year, your profits are considered short term capital gains - which are taxed as ordinary income at your standard tax bracket rate. 

Know it's last minute but if anyone is around and wants to meet up to chat about the RE market here, feel free to PM me.

During your meeting see what you can do for THEM and not what they can do for you. 

You don't want them to actually pull your credit, but go in and set up a meeting with them and walk them through your situation honestly, and see what they can do to help on financing. 

The reason I am not planning to do initially is that I am in a time pinch and am unable to meet with my attorney who recently setup my personal series.

(Lunch is tough I've found, hard to have a conversation while eating and coffee is more informal for a 1st meeting). 

If he is looking to finance a deal the traditional way, he will need to quantify his monthly debt obligations and make sure he will meet the criteria for the debt to income ratio for a loan.