I cut them in half if tenants communicate with me prior.  

And actually it's not really any more work for you and your parents than what you were suggesting prior to that.

I worked as land manager for one of the largest home builders for three years just prior to the crash, but was only responsible for property due diligence, and construction of roads, utilities, and site work for large projects; not individual single family home rehabs or individual / small scale new home communities.  

I currently have $7,500 and i would like to get between $15,000-$20,000 prior to jumping in.

The bubble burst, our franchise went bust 3 weeks prior to us opening, we lost all corporate advertising and tried to make it on our own.

Looking at the Fannie Mae website, I found the following requirements:Cash-out refinance transactions must meet the following requirements: The transaction must be used to pay off existing mortgages by obtaining a new first mortgage secured by the same property or be a new mortgage on a property that does not have a mortgage lien against it.Properties listed for sale in the six months preceding the disbursement date of the new mortgage loan are limited to 70% LTV, CLTV, and HCLTV ratios (or less if mandated by the specific product, occupancy, or property type – for example, 65% for manufactured homes).Note: Properties that were listed for sale must have been taken off the market on or before the disbursement date of the new mortgage loan.The property must have been purchased (or acquired) by the borrower at least six months prior to the disbursement date of the new mortgage loan except for the following: There is no waiting period if the lender documents that the borrower acquired the property through an inheritance or was legally awarded the property (divorce, separation, or dissolution of a domestic partnership).

I had painted living room prior after a leak and she actually asked my painter-without my permission-to paint hallway also.

In this case the seller still closes to the same buyer (llc) but the ownership of the llc transfers from you to someone else prior to closing.

However, this just makes my decisions even harder because I cannot get a good grasp on what my goals should be prior to purchasing.I can see how including many investors into the equation can make it difficult, but what if we simplified the scenario by just using 2 investors, me and a friend.  

Look for decent pay history on applied for credit like auto loans or prior homes.