Have potential private money investors, but I'm a newbie

[Michael Haynes]

I've been researching and talking to anyone who will listen about starting to invest in rental properties for at least 6 months now.  I just found out that a family friend wants to invest with me as far as money goes, they believe in me and my passion to make the deal happen.

So far I've decided on an area, I want to do college rentals in a town about 90 minutes from where I live.I've been crunching numbers, but I don't have my team in place.  Where do I start, I know I need an attorney to create the contract for me and my investors, I know I need an inspector, a contractor, and I'm sure some other key players.  How do I find these people, in what order, and what do I say to them?  

I just want to start putting the pieces in place so that I can bring a solid deal to the table for my backer to get things started. Any advice on the order in which I need to build the team, when to file an LLC with my investing partners, and anything else that would guide me through my first deal.

Thanks! 

[Priscilla Z.]

@Michael Haynes - Get a Realtor first, or a wholesaler to find you the house.  Once you have a contract on the house, THEN people will listen.  Take the contract to a title company or attorney, however your state does it.....have them open escrow.  

Call an inspector to do an inspection on the house, then call at least 3 contractors to give you an estimate.  Not necessarily looking for best price, you want to make sure they have the experience and workmanship you are looking for.

Once you have estimates then you can run all your numbers, and tell your private money lender what you need.  Attorney or title company will write up mortgage for you to be signed at closing.

Again, my recommendation is to get the house first, then everything will fall into place.

Good luck!