From what I've seen, typically two people doing a flip like this have different skillset so one person is doing different things than the other.

The down payment requirements are also steeper, typically 20-25% for investment properties.

One of the biggest challenges of investing in Rustbelt cities is knowing where to invest and properly understanding the cooresponding pros & cons.Here's copy & paste advice we share to help to address this challenge:-------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?

Do you typically have a separate bank account for each property or do you have one main operating bank account? 

The first step is typically posting a notice to end tenancy, it is normally 30 - 60 days depending on the area and type of lease.

The voucher program typically determines the amount they’ll pay based on their calculations, and you don’t necessarily need to lower your listed price for utility allowances.

Rich Young, Loughlin, Crest, etc.Commercial brokers typically do not charge fees for tenant/buyer representation but find a way to take their fees out of the deal.

They will get in touch with the property manager, let them know a complaint is filed, and typically give them an opportunity to make things right before opening an investigation.Have your friend look for a new PM immediately.Start by going to www.narpm.org to search their directory of managers.

What expenses do tenants typically pay for? 

Many aren't used to explaining why their services are worth $12,000 (the typical pay for selling an average-priced U.S. home).