Sounds like your FIL is a gem to have in this business.I would work out a split percent depending on the project, every project is different.Good luck to you!!

These are gems, this BP site has been so helpful in answering a lot of my questions, i have no doubt i will figure it out. 

After you find it chances are it will be a diamond in the rough and take a bit of work to turn it into a true gem.   

I recently started a couple of forums that have resulted in a few gems in terms of good and bad REI habits. 

I live in NoVA myself; my sense is that most places aren't really priced for cashflow and that you really need to go prospecting for hidden gems.

Given how much is generated in this topic, you should have no problem using the search function and finding other posts, along with Sharon's Podcast, and perhaps some other gems. 

It is only 864 sq, feet [ plus a sleeping porch off the back]but we have been busting our butts turning it into a little gem.

I viewed a portfolio of 6 SFRs today, 3 diamonds in the ruff and 2 hell holes and 1 small gem.  

.)= Total IncomeAnnual Expenses:+ RE Taxes (usually use 3% increase over last tax bill, but make sure your area won't reassess immediately upon the sale at the new price, which could drastically increase the taxes)+ Insurance (my rate is about $200/door....yours will be different, talk to your agent)+ Management Fee (3-5% depending on size and company used)+ Administrative costs ($150/door)+ Payroll ($900/door, but the smaller the complex, the higher this cost usually goes)+ Marketing ($125/door, again it depends on the property size and market)+ Utilities (usually do a 3-4% increase over the past 12 month total)+ Repairs/Turns/Contract Services/any maintenance (depends on the age, I buy late 60's to early 70's vintage stuff and usually spend $750-800/unit....this goes down as the property is newer or renovated)+ Reserves (this will depend on your financing, but I place it above the NOI line here because if the bank requires it, it is an upfront expense monthly....usually $250-350/door)= Total ExpensesNOI = Total Income - Total ExpensesThis generally works well for properties 20+, but might not work so well for smaller complexes.

Motorcycles, electronics, vintage clothing.