I've read a lot of posts in the forum here on the pros and cons of this strategy... what I would love is some insights from actual PadSplit hosts on the assumptions/operating expenses to take into account when evaluating a property.

They often cover the remaining costs not funded by hard money loans, such as the down payment and initial rehab expenses[1].

The fact that there was a major expense happens, but you budget for that.

Fully occupied, the property grosses $5,570/month with $4690 net profit after expenses.

NYC is an expensive market .

Would I pay for all the remodel expenses and then 50/50 split of profits or does contractor pay remodel cost?

Hire a contractor or GC with clear terms for execution and completion.Secure financing early, whether through cash, private lenders, or hard money loans, ensuring reserves are included for unexpected expenses.

It will show the rent amounts, who pays utilities and expenses they know annually.

Always have an exit strategy in case refinancing takes longer than expected, such as optimizing rents or reducing expenses.

He started with me just after retirement and I recommend you look for a handyman who is retired because they are typically less expensive and as my guy likes to say, every day is a Saturday and that means they can get repairs done quickly.