Also, at this time I had seen properties selling for 10 – 20% over ask regularly.Interest Rate 30 year conventional 7%Homeowners Insurance = $1,000 annuallyRents = $1,800 per monthWhen I looked at those assumptions, I would need to put down $80,000 on this house to get it to hit my cashflow goal of $500 minimum per month which equates to 35% down.Total mortgage + escrow = $1,267.13 per month with rents at $1,800 my monthly cashflow is $532.87.From my experience, after taking out vacancy and maintenance costs you are left with around 73% of that total cashflow number once the rental is established.People have asked why a $500 per month cashflow goal.

We would like to create a partnership where we are 50/50 partners and he brings the cash and I bring the experience, knowledge, and contacts ect.

I was wondering if anyone has any experience developing or owning something like this.

Most will be negative because they have had bad experiences with it. 

@Virgilio Garcia thanks I've read some of your posts.  

Looking to talk to someone who’s had experience adding a bonus room/sunroom in San Diego.

According to what I have read straight from the IRS website and other places, we need to either meet 500 hours, or at least 100 hours and also work more than anyone else on the property.

Any experiences or thoughts would be appreciated.

Did you read Lend to Live?

Hi Corby,I definitely need to find a CPA with real estate experience.