I have considered partnering with him on maybe ONE home but haven't took the scary plunge, I say one and only one because I might could see it worth it to see his methods and locations of purchasing with him, I have a hard time seeing it being worth it to invest multiple deposits for only half the profit.

one does not have to risk EM and or big deposit until they get to do a HOme insprection and CO has been issued.. is that correct..

You will also want to draft a comprehensive lease agreement that outlines terms such as rent amount, due dates, security deposit, maintenance responsibilities, and any house rules.

But most importantly it is not any decline, it's the REAL price doesn't match that pie-in-the-sky hoped for crazy comp OP started with on it.

(In other states there are very different processes where you can actually finance foreclosures and have 30 days to close, etc, etc.)The short version for Florida is that you have to have 5% of what you want to bid on a property on deposit with this website.  

@Howie BakerI am currently in a mentoring program that matches a true apprentice program you describe. 

Consider all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

He is asking about the security deposit.   

As soon as a tenant gives notice, I copy the template and create a new checklist, assign all the tasks (in your case they would all be assigned to you unless you have an assistant), and then set deadlines for particular steps like "Tenant Turns in Keys" or "Refund Deposit." 

Meanwhile he's going to be wanting his deposit back.