I am here because I'm interested in being a passive real estate investor and it would be a dream to manage my own portfolios of rental properties.

Financial Planning: Gain a clear understanding of financial performance to aid in creating a robust investment strategy.3.

This could be worth someone’s effort (I would not choose to do it as not enough gain to be worth it to me at this point).OP have you considered not doing the rehab and renting it at $1k/month?

I am a current house flipper and looking to start converting into more passive investments and am really interested in the note investing concept. 

@Gustavo DomitThere is a lot that goes into determine whether someone should sell including what they will do with the moneyOne thing to note is the capital gains deduction for your primary residence will expire in the future then all gains are taxed- so something to be aware of

I just want a passive investment and would partner with a strong operator.

If I sell this property after making minor cosmetic repairs, the gain would be 50-60K.

The thing that is appalling and quite disturbing is that he calls himself your friend and gains your trust only to dismiss you like a cheap suit after he has taken your cash and moved on to the next "friend". 

Don't even get me started on passive investor door counts.

What a cost segregation study does is it analyzes a property and breaks out the depreciable basis of the property to more than just building and land.It will try to identify assets that are eligible for 5, 7 or 15 year asset lifes which would be eligible for bonus depreciation.Whether a cost segregation study will help you depends on your tax situation.High level, it will help you in two situations1) Your rental property is active and you can offset the losses against other forms of income.2) You have a lot of passive income and you want to increase your passive losses to offset your passive income.Best of luck