You're still making money and hopefully building a good relationship with a reliable contractor that you can work deals with later on so I'd be fine with it as long as I felt like they added some value that a normal contractor charging the same amount wouldn't.That being said I haven't negotiated anything like what you're doing or done a flip with an external contractor yet so I'm only talking from what I've read on the forums.

But, $8500 (8.5%) of that got scalped off the top, and you only own a 9.15% share of the project.If the MP was able to find and put together such a solid deal that, even with this fee, it still offers you an attractive risk/reward profile (including the lack of the MP's own external capital in the game), then I don't see all this mattering much.

Also be aware that your property could be under the Historic Commission which adds a ton of time as they have to approve windows and external work material.Please keep me posted and definitely do your best to get the previous owner to pay for the work.

From some of the external speakers and other note investors who shared their experiences as well as just learning different approaches helped me.

Everyone has different goals and a lot depends on your resources external to your real estate business.

They may know a lot more about future demand than is currently available externally.

If you use an external manager from the area, they can be a great resource for determining reasonable rent (before you buy).3) Rainy day money.

On one hand yes they take care of all the external things so you don't have to worry about the roof or lawn care, etc.

Owen Dashner is correct that the weather can be a lot harsher there, though, and that can create some challenges. 

We have a full-gut rehab coming-up and are contemplating adding a roof-top deck - there is no yard and the rooftop offers an amazing view of the harbour.We have the option of either an internal or external stairwell.