For your inspection make sure that your contractors and inspector are knowledgeable about Old Louisville specific requirements as it pertains to the exterior of your property i.e. box gutters, wooden windows etc. as this is a designated historic neighborhood those items will need to remain and be maintained.

Unless the interest and improvements racked up enough to cover the additional $10,000 paid by your partner over the auction bid price, your partner would lose $10,000 on a redemption.

I feel like my first deal would be a less nerve racking if I had more of a network.

TX) and what you are putting in the home (carpet vs. wooden floor).

Being a 1950s house, the windows/doors were wooden, poorly insulated and single-paned.

My plan is to manage those vacation rentals at a 30% cut each, and racking enough luxurious properties under my belt to add another stream of passive income. 

It would help make it less nerve-racking the 1st time around.Hypothetical Deal =     160k  ARV  x  0.75 =   120k -   25k repair  =    95k  as a maximum offer  ( Many experienced investors in Texas seems to want a $30k +  profit on rehabs or they won't do it.  

Repaired water damaged wooden trim along the porch roofline - added drip edge to prevent future water damage.

But long term, by carrying your mortgage for the full term and making minimum payment, you are racking up some serious interest charges (but hey that's finance folks).It really depends on your financial goals and what YOU want.  

(he even has a Very nice wooden shed in the back -looks like a small little house- So maybe that can add value to the house..?)