Additional info - this project was spurred on by a terrible roof and even more terrible structural support under said roof so that stuff needed to be done anyway.

I need to know the process of legally separating 2 structures which are on the same parcel with the city.Strangely I have 2 properties which this applies to right now.One in Miami which I want to sell and I’ve been told it was not properly separated with the city when I bought it.

How did you structure their pay?

From my understanding, the VA requires properties to be almost "move-in ready" i.e. no structural damage, crazy repairs.

My question is: How is the agreement to manage the project typically structured?

You might be doing things so extensive you need a permit, and the town will want to see architect's plans, at a minimum a structural engineer's evaluation.

Older buildings are more expensive to rehab, some of the structure does not meet today's codes, therefore required all new mechanicals having to dig up streets to install outside plant first.

@Jeremy RameyThere are many ways to structure your entities depending on your specific situation.

@John VanharaIs the building a steel structure underneath the masonry? 

I'm new to real-estate investing and I'm trying to understand the difference between the different forms of investingI want to play this RE game for the long-term and have the portfolio benefit from appreciation, depreciation, tax-free cashing-out, leverage using low interest rates, cashflow to cover the expenses.Here's my understanding of eachDirect RE- Full ownership / control of when to sell- Can leverage & deleverage as you want- Work involved to maintain property; But can hire a property manager to assist- Can provide cashflow to cover expenses + CoC return- Provides hard collateral / security for the money you put in- Tax benefits - depreciation, phantom appreciation, interest deduction Majority Partnership- Form partnership where you are majority owner with 2+ other people (with more capital input) - Can provide benefits of direct RE on controlSyndication- Passive investor / accredited - Less work- Access to commercial RE which you can't get otherwise- No security / collateral for your stake; Can loose everything- No different from investing in a business- Already leveraged returns; You don't control how asset is structured- Depreciation benefit passed through K1; But no benefit of 1031Crowdfunding- Low minimums- Already leveraged returns- Can be equity or debt based; Equity stake has some tax benefits through K1- No security / collateral and everything can disappear without recourseIs this correct?