He proposes we would split the profits 50/50.My first observation was in the project he submitted to me that there was a repair budget, but no consideration for the settlement costs x2, holding costs, financing costs, etc.

Anyone else observes this?

Observe and listen.

We have also observed that many of the "owners from away" of the 5-10 unit properties we have examined, bought them during the period when it looked as though the second refinery was to be built.

Keith observation is of course realistic but focus and passion can overcome everything.

I will be glad to share my observations.

From what I have observed in the CT and NY markets the property management companies that do charge the ever so enticing 5-8% generally do not have as good communication with investors, and will also up charge / fee the owner to death.

I have no experience with doing subject too but maybe I can be helpful with this observation.

I'll more than likely be staying away from those areas for now, so your hands on experience and observations are very helpful, so thank you again!

Note, this is not directly targeted to the experienced professional wholesalers that actually do it correctly but merely an observation as to why such a bad rap to the majority that do it wrong...So this in turn has created the bad rap and thus has caused some states to enact laws to prevent  those folks brokering without license which is what it's viewed as at the end of the day..