Thanks for the replies and advice.
A little more info on the deal....
My partner is my Brother in law. I am well aware of the "never go into business with..." axiom and still feel comfortable doing it with family (this family member).
He does very nice work. He owns a sheetrock finishing company and has an outstanding reputation. He built his own home with the help of his fellow tradesman. The workmanship is top notch. His knowledge base and contacts with other tradesman will be vital to bringing the house up to specs in (hopefully) short order.
I must admit to fibbing a tad for the sake of ease. We are in mid project. We are 2 months in....he has spent 80 hours on the project. Roughly 10 hours per week, on weekends and afternoons. He is adding a bathroom to make the house more attractive to renters etc.......
We paid 9k for the house. We hope to get it up and running for 20k worth of labor and materials. Comps in the area with fewer bathrooms go for 65k. The few rentals in the area go for 600 to 650 per month. It is an older community, but a stable one.
Risk? We are in hurricane country. Home has been flooded twice in last decade. It had not been affected for 70 years before that.
Anyway...that's the short of it. Plan is to incorporate and make it legally tidy before renting it.
Thanks again for the input. Please add more! Fire at will. I'm a big boy...i can take it!
