700k from passive investor

[Jim Keller]

A few weeks ago I met a retired gentleman that had moved to Washington state.  His home in Riverside, CA was vacant and in bad condition and there was a title issue that I helped him clean up.

Well all this good will has paid off, he came to town for our closing and he asked me exactly what I do.  I gave him my elivator speach hopping he wouldn't feel taken advantage of. 

What came out of him mouth floored me..... He says "I have $700,000 that I'm not sure what to do with, could you help me" you just never know.  

On to my question, Im interested in hearing from others that have set up this type of arrangement with a passive investor.  I have an idea on how I will set this up but I'm looking for some "POT HOLES" any of you may have hit with a simular situation.

I flip properties, 2 or 3 at a time using a mixture of hard money and my own cash.  My plan is to do 5 to 7 deals per month and add a project manager to my team.  Any In put would be helpful