This type of investing seems to have a 'mystery' type of feel - not much information out there.

It is a mystery to me since I only ever bought properties, in this case I'm buying an LLP that contains properties.I won't take anyones answer as accounting or legal advice, I am just looking for information on how it would work and what it would look like.

That is one of the seven (now 8) mysteries of the world!

What's the answer to the mystery 70k profit? 

:@Jay HinrichsI would certainly be interested if the property was in my area.I did a few thousand of these projects pre 08 its how turn key was sold when you had a robust refi industry. when refi died and went through the pearly gates in 08 that changed everything.. and thats one reason RE prices crashed the way they did.this worked best for out of area investors who did not want to take the uber risk with rehab and all the work it takes to try to build this mystery team..

But it still doesn't solve the mystery for me.

That way there's this mysterious third party (such as your cat) that you invent and have to call to approve things.  

It seems that the major factor which is often neglected to be mentioned is the NEIGHBORHOOD (often being a 'D' at best - look up that topic elsewhere on BP) whereby as soon as it's vacant, all appliances and pipes mysteriously disappear out of it overnight!  

This is a thread in which we could ask for and explain definitions to sometimes mysterious abbreviations and terms. 

I get that.. but at the end of the day and having done this for 40 years I have had to buy property back more than a few times from disgruntled buyers.. but that's what a standup company does they offer a full recession lke what was offered to you.. instead you just kept the property and keep on harping talking about all these mysterious people contacting you and of course BP being the site it is.. people automatically take what you say as the truth when in fact most landlords with limited experience have no clue anyway.. so if your not happy take the recession and move on.. we all have better things to do in life..