You’re building a thoughtful plan that’s set up for success.

@Van Lam - I think your plan to finish rehab and then rent them out a higher market rents makes sense to do first.

Red flags for me include people who are overly optimistic without considering risks or those who don’t seem to have a clear plan for their contributions to the partnership.

Stop hanging out with your deadbeat buddies who spend all day drinking, talking sports, and otherwise wasting away.

Now I am brand new to real estate so this could be dumb but I'm reading Brandon Turners "Rental Property Investing" book and I was intrigued by chapter 3 where he list out 4 plans to start with when getting into real estate.

What was your backup plan on the Wrap, if the buyer stopped paying on the underlying mortgage? 

Provided I can establish a solid investment plan tailored to their financial needs/comforts such as debt ratios and income, they would be more than happy to offer me some financial control.Additionally, If I wanted to, for the sake of building my own personal wealth, I admittedly have the luxury of taking a loan from my parents.

@Tonio PearceYes you should create a business plan.

@Heather Bailey Wow thank you so much for spending your time to help guide me!

By tackling them early on, you minimize the risk of missing critical dates.In my experience, closing a deal within a specific timeframe requires meticulous planning.