I purchased a single family to rent out the rooms and it sent my finical plan completely off course because I was not as ready as I previously thought.

As it reads, a pro-rata share is "equal to the Purchase Price of Participation divided by the Outstanding Principal Balance of the Note."

Although the list may seem intensive, I look at it like this: The total cost of all these items can be much lower than the cost to repair a hidden surprise after purchasing a property to flip. 

Without going into too much detail, my current situation stems from selling a previous company via partial owner financing, only for the new owner to default on the purchase, leaving me in this position.For traditional financing, I understand I’ll need at least one, if not two, years of solid credit history, tax filings, and other financial documentation.

@Kyle LipkoRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Quote from @Laurens Van swol: We are exploring the possibility of purchasing an investment property in Florida.

Purchase price: $375,000 Cash invested: $30,000 This was a 2 unit that I purchased in 2016 for $375K.

If so they may have a real estate license or they may work with an agent that relies on repeat business rather than a one-off purchase. 

Purchase price: $395,000 Cash invested: $100,000 Sale price: $570,000 Such a fun project!