The reduced cost of living opens up so many investment opportunities and enriching life experiences that might have otherwise remained out of reach.When my husband and I acquired our duplex, both units were already occupied.

For plumbing it would be necessary to move the kitchen sink but otherwise bathrooms will remain where they are.

Even under this scenario, with a 50/50 split, you will not be getting paid for doing all the work.Another option would be for you to put in 50% of the purchase price using an LLC that you own 100%, borrow the remaining 50% from your investor as a 2nd position loan at a fair interest rate with points, and borrow the rehab under your personal guarantee.Better, if you can find a lender who will lend to a newbie, and they are out there, you could borrow the purchase money using some of your cash as a down payment, as well as all the rehab funds using a construction loan.

Every single one of them thought they found a work around or would remain undetected. 

The terms of your mortgage and interest rate will remain the same and no refinancing would be required.

And then there remains the all-important question - must you stay in California?

The room was empty and had no energy compared to the previous year, it was sad to see so many agents fold up shop but will help the ones that remain in business. 2nd motivator is this post is I know people from Bigger Pockets that have not purchased a property in 3 years is when we had our first conversation, they are sitting and doing nothing because rates or prices oh my.

It's possible the deceased father agreed to let her manage the property and keep the rent net for her troubles, but the title/ownership remains in him so his heirs would inherit it as a legacy.I suggest your friend familiarize himself with the statute of frauds which I believe requires agreements regarding real estate be in writing to be enforceable.

I would tell the bank, “We use a licensed CPA to review our books each year, to remain in compliance, and to generate our taxes.

I  had 6 remaining siblings when my parents died and wrapping up the modest house they left behind had its challenges.