What you can learn from this and show them can set them up for life.  

(not sure on state law but this probably is a tough sell)4.

Would like to hold as rental but not sure about that. 

If you are new, be sure you can raise the funds before proceeding.In my opinion, you are going to have a hard time raising money with a 6% pref and 70% of the profits after that unless you have a lot of newbie investors in your Rolodex. 

This means that you will probably need to pay registration and filing fees in at least 2 states if you don’t buy CA property as a CA resident.Be sure to tell your accountant that you may now need to file non-resident income tax returns in each state where you own property as well.

If you’re planning to hold this property as a rental after the rehab, make sure you’ve crunched the numbers on a realistic timeline.

If you have any questions or want to learn more about how we help clients all over the world that are looking to be passive investors then we should set up a call to discuss.Good luck as you start this exciting journey!

As you embark on this journey, you'll learn the importance of market research, the art of negotiation, and the power of leveraging assets.

I understand my error in not having a written cancellation policy and I will make sure to have one in the future.Thank you in advance! 

As long as its rational and both parties are level headed im sure you will figure it out.