With the exception of some small markets in the Southeast, places like Cleveland are the only major metro areas where a regular investor can find cash-flowing assets with a mix of appreciation. 

Net proceeds - Is the amount of cash that goes into your exchange account.

Evaluate potential rental properties with a keen eye on location, cash flow, and potential appreciation.

Will bring cash to the table.  

It's not right for every deal, but for cash deals in my area it's workedfor me.

As an investor in a market where cash flow does not come often and appreciation is a bigger play, I understand your mindset. 

It'll be hard to cash flow if you are living there that much, though cash flow isn't everything.

Every Market (Detroit) is made up of a series of Micro-markets (neighborhoods) of which they are all different in cost, value, cash flow, rents, etc...

In this case, you would draft an operating agreement that specifies each partner's role—your friend providing the cash and you handling the rehab and management—and that profits and ownership are split evenly.

if the second buyer is paying cash then your done they pay your off and your first note.. off to the next one..