What your 'partner' is proposing isn't realistic nor professional - nor warrants 20%. 

However, the tenant said that he has a warrant, and his guest used that against him to prevent him from calling the police to remove him.  

@David Lynch It is always difficult trying to find the classic warrantable condo in our area (Destin and surrounding) -- However, they do exist!

You can very quickly determine if there's equity and decide if pursuit is warranted .Since ten (10) unqualified leads us a very small number, you ought to be able to door knock each property and speak to surrounding neighbors in order to build a case file for each property. 

;>Useful life of the asset purchased is short or not material (high in cost) such as a showerheadItems that warrant capitalization are :>Assets that have a long useful life (1yr<).

They have the herd of cattle that warrants wearing the hat.

What are your thoughts on how many properties warrants an LLC?  

Taxes & insurance would warrant looking into.

Paraphrasing, Maverick stated that the information provided on subject properties was not warranted and was provided as-is by the “Sellers”.

I will say this if the lot is able to be used for 5-10 units as a new construction build then 500K may be warranted.