Use my free editable Net Worth Worksheet that I created to track all my assets, liabilities and expenses and what I still use today to keep my finances in line.Line up your professional partners.

Here is my process I have thought out for now, please feel free to critique/provide improvements based on experience:Learn through BiggerPockets, David Greene, Gary Keller -- I personally want to avoid getting too deep into this phase, get the basics and run with itCreate a system on analyzing a property - I have my own parameters that work for me and have put them on an excel sheet - I have what I call 'quantitative' and 'qualitative' tabs that give me a 300 degree viewGet pre-approved as I am learningNext comes the Research phase (learning and researching are going together) - this is taking time.  

Joe is a fantastic mortgage broker and he shares his market knowledge for free.

I can just imagine the type that would give negative feedback about a free site that is member-supported and member-moderated. 

I've been watching countless videos and numerous hours listening to Podcast.

Also holding a free cash flowing property isn’t too bad of an idea.

Do nothing. continue to live in the unit free and clear and just continue to pay HOA dues and special assessments as they come.

It depends on how you split the revenues.If the house is free and clear, you two should decide if you get to bank all the money after paying expenses (taxes and insurance) or if you have to split it somehow in favor of your rehab work or just 50/50 the whole time.Also, if your friend decides to sell it year 2 or 3, and you still haven't recouped your rehab funds, do you spit the proceeds of the sale?

If other CPA's and tax professionals would like to chime in on their insights on items I don't mention or if something seems inaccurate, please feel free to comment so I can also learn more about this.

Feel free to reach out.