Take care buddy. 

Evans Wright Congrats buddy!

Also ill go ahead and pm you see if I can get the contact for our buddy, may need it down the road.

Your buddy,Trent

However, my priority is ease of the investment over maximum cash since they are out of state (Nashville) and I don't use a management company (I just have a buddy who fixes things for an hourly rate if things break, but that is rare since the units are less than ten years old).  

If I'm looking for drinking buddies, I'll go to a bar. 

I sold real estate in the 70's and worked at the IRS center there in Covington.I was back two years ago visiting a buddy that has a nice condo in the old Booth Hospital.  

I found a fsbo property for my buddy and he agreed to give me a 10% stake in the property if I negotiated a good price for him.

hi karl. sounds like you actually have a good start here in this business. bill is partly right. of all the answers here, i think he has some good advice. that being said, you need the think outside of the box here. you said you will have $80k into the place if you fix it up to basic standards, and it would be worth $150k. ok, those numbers are great. but here is an idea you don't seem to be considering. you own the house free and clear. no mortgage to anyone. you and your buddy want cash out of the deal. then your only option right now that really makes sense is to finish the place to basic standards, go refinance the place for what the bank will lend you, split that money and then rent the place out to make the payments. you get the benefit of getting all your money back, plus a few buck on the side i would bet, and when you rent it out, the tenant is making your payments. whats wrong with that idea???

Buddy Huffman is my recommendation.