@Scott Freer, if it was you who arranged for those figures to arrive at exactly $50k profit (less tax), based on realistic rehab and ARV figures that you carefully researched, to arrive at your maximum allowable offer (MAO), fine.But if those figures were presented to you by the Seller (or agent), not so fine!

@Jay Legaspi I think a partnership is a great idea, just make sure whatever arrangement you make is as clearly defined as possible and written out ahead of time- and everyone agrees to it.I started with single family, and I'd advise that route too.

It is probably possible, with the heating arrangement, to separate the three apartments into separately heated zones with their own thermostats -- it may even have been done already.

They like their color palettes and vignettes arranged on the fireplace mantle.

I'm saying it's 25/75 per a private agreement and how my parents have set it up in their will as well but for all intents and purposes, could we treat this as a 50/50 arrangement at least when it comes time to sell under the same circumstance?)

I arranged insurance through Liberty myself the last time I used them.

I have an arrangement with my friend where I stay with him one or two nights a week for cash, and his air went out.

Her husband died this year (googling obit - donations in lieu of flowers for a young guy). 

At this time in the pre construction period, I may have given you 40-60 hrs of my “free” time to arrange this proposal. 

Property management and cleaning is key - since you don't live far away, you can get away with managing it yourselves (communicating with guests, arranging cleaning, arranging repairs) but you need to find a cleaning service who would be available in the short turnover window.