It’s gaining traction in some areas as a proactive approach to stabilize tenant behavior and reduce defaults.

And your partner should do the same.Hopefully your partner is trustworthy and Will dutifully report his profit in his return.Another possible approach would be to issue your partner a 1099 for half the profit.

Have a systematic approach to ensure nothing slips through the cracks.When my mind goes back to my early deals, I remember the times when I didn't have a solid checklist in place.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

And you will see many forum threads on the con's of that approach.

Hi guys - we are about to close on a property soon in Philly and are planning to do the following work - -Add HVAC, Add a full bathroom and add a half bathroom, Fix kitchen (keep same layout)My contractor is saying that (Approach - 1 ) - we don't need to pull permits.

A new approach is required.  

Funny enough I never filter by Sale by Owner so will definitely look into that while I educate myself in best ways to approach the owners and convince them why it would be great for both. 

The timing of the sale at $315,000 shows how combining a long-term hold with a flip can be a highly effective approach in the right market.

Could anyone share their knowledge or resources on how to effectively approach this renovation?