I thought about approaching the seller about writing me a check for $100k after the initial closing and doing a second mortgage type arrangement.

If turns out to be a rental (which is my expectation) then I will bank the cashflow and work towards the BRRRR strategy to add another property in the near future.What I’ve been doing lately to make dreams realty:-Listened to one or two BP Podcasts a day-Spent tons of spare time on Zillow browsing properties-Identified a single family property that has real potential to be my first deal-Gotten an insurance quote and dug up tax records on the property-Talked to a couple area realtors and chosen one whose background and experience best fits my goals-Toured the property-Crunched tons of numbers based on different scenarios-Arranged a second showing for tomorrow, with a local contractor who will be joining me for the showing to provide a quote on the work that would be needed.I am super excited for tomorrow!

All this would be spelled out in a contract of course as far as that arrangement. 

We form an LLC (or TIC if that is better) and I do all arrangement and he gets t still share profits with no active work on his part?

I've done very little JV'ing and understand your concerns on the arrangement. 

Re-Arrange the images3.

put the property into contract your not out anything.. but then no one else snags it why you negotiate.I just had one like this were 5 feet of the house were actually over the line..Buyer is just knocking 5 feet off the house and doing a full remodel.. the neighbor thought he had us over the barrel.. but I did not to discount for this.. so maybe with that one.. not knowing the topo.. just build a new driveway if its a rental your tenants don't care.. low ball the bank and you got a good cash flower.

We do keys at the walkthrough which is day 1 of their lease or possibly day -1 depending on arrangements.

Or plant flowers at the entrance. 

I’m assuming that this arrangement benefits them over us tax wise.