Regular maintenance updates from your property manager—such as quarterly reports outlining requests, costs, and resolutions—can also help you stay informed and track spending trends over time.Building relationships with local contractors or networking with other investors in Cleveland can also be valuable.

To establish a 50-50 ownership in both the property and future profits, you'll need a formal agreement outlining each person's contributions and rights.

I appreciate the outline.

The LLC would own the property, and your 50/50 split can be outlined in a detailed operating agreement covering roles, responsibilities, and profit-sharing.Since lenders often require personal guarantees for LLC loans, clarify that your partner will be the sole guarantor.

I would outline your scenario to a few local mortgage brokers - with everything you've said this seems like a pretty easy deal. 

@Kishore Siva 100% go into their office and request a meeting to understand where they are in the review process, what questions they have, and outline a path to obtaining a permit.

FTR, I'm doing exactly what you outlined.

There are no program fees outlined in the contract over and above my initial fee.

This gives you a foundation for making a fair offer.Secure Financing: Be prepared to show you’re a serious buyer with funding lined up, whether through cash, traditional financing, or a creative option like seller financing.Have a Strategy for Repairs or Development: If the property is distressed, outline how you’ll handle improvements to bring it back to productive use.

Hi everyone who replied, I didn’t think anyone would see this so sorry that this is late.Yes it was clearly outlined that the budget was $15,000.