You need to iron out the very specific details of how you intend to use their money, details on equity split, etc.

When training a new P.M. in describing the appropriate position to take I often use the term "An Iron Fist in a velvet glove".

I usually can look at properties in my area and really have a good idea of the current value and the ARV but ironically the one property my wife and I are most interested in is giving me problems.

There is currently a complication with zoning which we are trying to iron out before closing.

Ironically most hard money lenders and many private money lenders don't offer pre-approval letters?

If plumbing is really old, cast iron, just get it replaced. 

*Unrelated, Round Rock is my favorite place in Tx because of Salt Lick BBQ! 

@Eric Mayer That's ironic because the only reason the deal is still chugging along is because of the seller and I working together.

We repipe all cast iron in DFW as well, so not scared of the 50-60k rehabs, although we do stick with 1950 and newer.  

I have bid on properties that have set idle for 100+ days, but as as I make an offer ironically some one comes in buys the property (seems fishy).