I would laser focus you attention on one area, to cast a wide net like that its going to be hard unless you have crazy deep pockets.

Regardless of how much you read and research it ends up being trail and error....So in my opinion just jump into the deep end, I’d rather be swimming and struggling then watching on the sidelines wishing I was swimming. 

.  :-)  But no, I'm not on deep water. 

Try to Google Lease Option and/or Sandwich Lease Option (Lease Options are not applicable in Texas or North Carolina) if you plan on helping him out while you relieving him or her from the burden.

This is "in general" of course but 99% of the time successful investors target "off market" deals and buy them with a deep discount to renovate. 

Do you recommend reaching out to a CPA and/or lawyer before getting too deep?

I don't flip or rehab so I don't know all the options for that.The other last bit I'd say is- if you are taking on a low-income property, that is distressed, will be rehabbing it, and this is all happening long-distance... you are really diving into the deep end without floaties for your first investment!

@Curtis Thygerson Depends on how deep you’re willing to jump in initially.

@Deep Johal Okay Thank You!

Is this a one time venture or does this partner have extremely deep pockets to keep funding your deals?