Managing them is another world and there are all sorts of lovely aspects that newbies (who haven’t done research) won’t expect.

Also, the whole 'can't check for leaks' aspect is a recipe for unhappy surprises, especially since it's clear there is water damage alreadyNow, all that being said, if you are looking for a property you can fix up and then rent or sell, and the seller is willing to drop the price to a level where your rehab costs won't destroy your returns, that's another thing.

The prices in Bonita Springs work better compared to Naples however one aspect of Bonita Springs that scares me is the flood insurance.

Most huts require a signed waiver . . . maybe that helps with the liability aspect.

@Eric MatsudaI define the term value as buying low in relation to sales price, and the ability to rehab and increase rents , which cash flows to attract future investor at higher sales price.I don't see value in downtown due to the neighborhood being more run down and less like that an investor will fix up and flip.

Even if we have to keep the existing floor plan I think we could still charge $1400-1600 in rent for the area based on comps, which would still make this a profitable deal.Here is the unique aspect to this deal that I could use some help with.

kind of why I like notes these days.. you buy a note you get income its definable and there are no extra costs to worry about you get paid off and do it again.. for me and my simple mind its better.. since I never spread sheet anything I just think about it in my mind..

- The word "profit" needs to be defined, as it can mean many different things depending on your point of view in this case.- Does the down-payment on #2 equate to the equity he's giving you?

I mostly do all of the sales related aspects of the business for his PM business, primarily the filling of vacant apartment units. 

If you are looking at a roommate situation, you always use month to month, with clearly defined rules.