The way I was explained it was your net operating income minus depreciation yields your net income and you pay tax on that.

As low as the market went for mortgages and housing shortage, the only sure bet in my opinion is housing prices will continue to rise. 

Another reason why if you cannot operate locally, you probably won't be able to succeed wholesaling remote. 

We are considering doing a 50/50 partnership where he will provide the management/operations and I would provide the down payment.

Have your attorney send your contractor a letter explaining your dissatisfaction, any legal, ethical, or moral violations his operating methods result in, and making him an offer BELOW your “target” amountbest of luck I have an attorney that I considered speaking with on this matter, but I’m not sure that he specializes in things like this.

There are both dishonest operators, as well as incompetent ones, that could lose your entire investment.

Best bet is to buy older homes that's renovated inside or you can renovate after purchasing and because older homes have at least 6 vehicle parking.

I went there to have the water turned back on and started getting caught up in what the preferred order of operations should be.

Some title companies will require an operating agreement, even if sole member, to buy or finance a property.  

Month-to-month means they have not re-signed a lease but are operating in the holdover period on the same terms.