@Stepan Hedz  having looked at phoenix area flips lately it is obvious to me that some flippers aren't doing a great job.

Hi Ty, thank you for mentioning real estate attorney, that’s probably what I need to do to figure out how the Garn-St.

do they have any concerns?

If you can invest locally, I'd recommend doing that before investing out of state.

I am looking to partner with a close friend of mine (we've worked together many times before with both of us in various roles) to primarily do rehabs for LTR and/or resale.

Where do you live?

Do you currently live in Chicago?

Quote from @Andrew McArthur: Hi all, I'm from Toronto and been doing research into South Carolina's Multifamily market, specifically Greenville, Charleston, Columbia. 

Are they a start-up, do they have any operational, how do they do at it, etc etc.. 

We do not often get money back but it helps the next company know what they are getting themselves into.I would not mention anything in your security deposit about forgiving their debt.