Both of them I own free and clear.

@Brittney Yang first red flag is it doesn’t sound like he’s that interested in long term holds but the primary reason for partnership is expertise in renovation and secondary reason is balance sheet and income to help get financing.Regarding reason one, I would offer to compensate him for his time in assisting you and have a very clear scope of what that responsibility is.  

Hello AllI have a opportunity to purchase a 3 unit rental property. how should I structure the offer and what should be required in it.Does the seller provide a fee and clear Title with Title insurance, should the seller be required to evict the tenants before I purchase, what verifications or contingencies should i include. etc......ThanksJeff

However, if you clearly communicated a $15K budget, I’d stick to that and ask them to discuss the overages with the contractor to find a resolution.As a side note, always try to maintain reserves for your properties.

They successful cut taxes and loosened IRS enforcement. 

You can find ways to make more money, or find expenses to cut if you want to make your goal come to fruition.If you make $5,000 more per month, you can retire your wife.

After getting the funds letter, which clearly states no appraisal was needed for this property, at the day of the closing, they came back and said no funds will be released until we get an appraisal.

You could also add a clause about your ability to terminate the lease if they cause problems in the neighborhood, don't cut the grass, etc.

We cut that cost in half by training and certifying people on our team and it created a better experience overall. 

in cash flow would cut it for me. i'd want enough to cover the mtg, but also R&M and a little for vacancy. if i can't do that plus have a little actual "cash flow" left over.... i'm still here :) if that's any indication.