If that is the case, then okay, she is offering you what appears to be solid 'pref' and a taste of the profits, which is standard for a passive gap lender.  

The area is not popular for weddings and wine tasting but not a super hot location.The complete dry spells occurred each time there was a CV scare.

This has given me a major taste of freedom and in many ways I function like an entrepreneur on someone else's dime.Being a bit frustrated with my market here in Charlotte, I started looking elsewhere for deals several months ago. 

What is your taste in property?

Just my personal taste, but I like a home over a condo when buying a property.  

I am going to get a taste of cash-flow for the first time. :)So at the end of the day, I have a combined monthly cash flow of about $2,500, not counting the 2K a month I save from my day job.

Looks like your analysis and numbers are good, but the profit is too small for my taste given the time and effort you are going to put in.

I've always had a taste for "expensive" real estate but as I got older I've also been attracted to rehabs because I can put my own vision/taste into a place, and also have developed an interest in passive income.My goal is to be able to go a day "without working" the idea of rehabbing homes, managing properties seem more like fun (to an extent) than work to me, and the best part is two friends and myself are thinking about combining our efforts.We had no idea the three of us were all into real estate besides one of us who is a Real Estate Agent.We probably dont have as big as capital as others, as were moderately young - so I thought I'd come here to find out where to start small.I'd assume we would start with "flipping" as we dont have the capital to own a rental property - nor could I figure out a way to make rental properties work while having a loan.Lastly I took the initiative to finish a book I bought a year ago called "How to find, fix, and sell houses for profit" by Rock Villani and Clay Davis, and I'm also planning on picking up the How to estimate any Rehab from this site (forgot the actual title excuse me)Thanks everyone! 

That being said, it left a bad taste in my mouth.

I have been addicted to the real estate industry since I had my first taste in the closing dept. for a loss mitigation division a few years back.