I had spray-chalked the room outlines on the unfinished basement floor and handed each prospect a floor plan when they viewed the property.

After talking to a seasoned investor,and wise older man, he said I should outline responsibilities of each partner, especially financially and both of us should sign off on it after agreed upon.

If your lease specifically outlined it then that's a different story.I know in IL we can't just keep security deposits.

So here's the conundrum for a novice - being the type A personality I am and wanting to learn (and, honestly, control) as much as I can about this "deal" my first instinct is not to "bug" local investors about it because (a) I want to add value to what I can present, (b) I want to know as much as I can before I put this before someone, (c) I want to control this in some fashion before putting it before someone since i'd be doing a lot of up front with the seller and learning as much as I can about the property, (d) I don't want to waste an investor's time because I don't want that reputation to follow me as I evolve with this business.But it's like I can't get the outline or roadmap on how to start (with the land, for instance) without going to someone who's been there, done that and effectively negating points a to d.If YOU were pursuing this based on what I outlined, what would be the FIRST thing you'd do?

I pointed out the part of the lease that outlines this to them and she said they will take care of it in the future.

You also mentioned getting hard money lenders as being an issue - it sounds like you don't know what a hard money lender is, because you should never need an HML with the long-term approach you've outlined.

Because many people including myself have put together great resources in depth on their strategies.You outline looks good "generally" but honestly experience is the thing that will teach you to "tighten" it up.

I have plenty of stories if you want to look at my website Blog stuff this outlines a few of the deals I have done.

So in the case you outlined I would say 314,000 x 65% = 204,100 then take the repairs off that to get to your max offer.

I had little leverage because I wasn't holding the last installment of their payment like I would have been if we had priced on a project basis opposed to a project basis.Get everything you want completed clearing outline in a statement of work and have them bid the job.