At the end of the day, a good, investor friendly real estate agent will generally help buyers think through these nuances and set realistic expectations. 

The current lease is irrelevant on that day as it will no longer be in effect. 

I would start at 80/20 of net profits if you are not paying yourself anything as the "GC".But at the end of the day a relationship is more valuable than money so depending on the type of person your friend is, you most likely will need hack it out with him and see what works for both you.

We still hold it to day as a rental.

But it's getting harder every day, as more and more old multi families are being torn down to make way for single family homes at $1 million and up. 

I'm trying my best to analyze 3 deals a day (as I promised myself I'd do after watching Brandon's webinars).

These range from 15-250 dollars a day as long as not in compliance on average, depending on severity of the violation.  

You could generate that number in a few hours a day, one day a week just by assigning contracts.

The next day, a police officer came to our store and told me that I had to change the locks back or give her a new key. 

Russell Brazil , you're keen on how mixing the two can be a slight risk, but at the end of the day, a wholesale offer is coming in the form of a purchase offer, the most that the person can pay for the property.