@Perry Farella Can you send me info on the loan program you outlined in your response?

I also stated that I sent him over two letters outlining the late fees (which I did and he acknowledged) within the first two days we took over the property. 

Once you have the entire picture outlined, you can analyze the deal to see if it makes sense.

The operating agreement will outline your interest.  

They  outline the requirements concerning giving notice to increase rents.

Options outlined below. 1.

The rehab items you mentioned sound moderate, while that can be risky it's also likely to have a better profit margin.The steps you outlined sound like a good plan to me.

That is for Chad as far as agreeing to Thomas' outline, which is predatory dealing and lending and in violation of the SAFE Act/Dodd-Frank Act.

@David Goossens has a great point about Set for Life, and my current plan is eerily similar to what's outlined in that book.

Either way, if you choose to use a partner, the best advice you can get is to have an attorney draw up a very specific contract & entity formation which outlines each partner's specific responsibilities as well as how the profits are split and how and who decides exit strategies, etc.RE is with out a doubt, the very best investment!