For us, our 1 bedroom wouldn't work out as well. 

All the numbers work out , the CAP rate is good , the Cash-on-Cash return seems above average .

I highly recommend  you look into that.Something you might want to look into before you get started1) Soak up as much info as you can so that you know what you're doing.2) Pick a niche and try not to get distracted by various means of investing.3) Build your team before hand - insurance agent, local community banks, lawyer, realtor, property manager and handymen.4) Run numbers on a LOT of properties just to get familiar with the process.5) Research on neighborhoods that work out for you.6) Network.

Check with your CPA rather than your attorney on how that might work out.

Also, how would it work out if I did not obtain my license, and instead, just did a referral. 

Instead of hourly, should we set up an incentive program for him where he can make bonuses for money saved by using him opposed to subbing work out? 

It's not a local, if things work out I would be traveling to probably do a temporary live-in flip.

Let's say those costs work out to 10% of the property price.

We by FAR aren't going to pay over retail, but we are not afraid to pay retail if the numbers work out.

I think she'll move because I've had to work out payment plans with her a few times when she struggled to make the $1400 payment.