The first I’d do is that.Second, not sure what “good money” is defined as but if it’s less than 100k per year it’s probably not as good as you think it is.

However, it still doesn't solve the aspect of how to tie into it, and what the final design may look like. 

I would set out a contract defining the terms of your payout. 10-15% is not a debt interest rate, it sounds like it's an equity return and has equity risk.

Insurance will depend on the type of property, value/price, and certain aspects of it (fireplace, brick vs siding, etc.). 

Solid point, I used the term gamble but you're right the casinos have captured a lot of the non gmaing crowd too.Would you agree though that Vegas is defined by the strip be it the club or the casino floor people come to Vegas for the casinos.

What about the financing aspect?

@Bruce Lynn Looking for a real estate attorney to help me through the legal aspects of acquiring a small apartment building.

I define nicely as worth my time.  

Prior to starting to flip full time I spent a year studying and learning the aspects of flipping: how to find deals, deal analysis, making offers, the renovation process and timeline, and staging/marketing. 

Suddenly I had enough money to pay my bills, with a cushion to spare, and—at the urging of my sister, who had been interested in real estate for a while—I came up with the audacious plan to buy my condo from my dad.I had been a homemaker for many years before becoming a professional author, and had relied on my husband to take care of all financial aspects of our marriage.