Given the limited track record they may require more though depending on other factors.As a side note, with 5 partners investing equal amounts of money, you definitely want to designate a decision maker or even a decision making hierarchy.  

Providing that option would be a money maker for the owner.  

From what i understand, if you were to take the basic list like from list source and cross reference with other lists in probate, quit claims, foreclosure, tax liens, etc they pull these sellers..don't get me wrong not every call is a deal and you still get the jack legs that want to cuss you out and don't want to sell but the mail pieces bring out sellers that would never typically call those I buy houses and pay top dollar postcards as a lot are not interested but what happens is when they hang up you are capturing their phone number and one day they will want to sell and you now have their phone number to voice mail blast them every 6 months to see if they're situation has changed and of course in addition you get some really good leads that make you a deal maker..I average around 5-8% response each week due to their mail pieces and lists. so enough said. my first month with REI Vault I got 5 under contract, they told me I should get one lay down deal based on my marketing budget and 1-2 follow deals/month  starting in the next few months.

The Chicagoland Deal Maker Session is a great venue to find those opportunities.

Now is the time to make real estate investing my and my family business

Like you, I ran onto a property that, with some improvements and proper zoning would have been a real money maker.

I'd be looking at about 24 to 30% yield, perhaps more, just to give you an idea.I would require the seller to show banks statements showing past payments being deposited or drafted from an account, never take someone's word that it is a performing note.Get credit on the borrower and see if they will ever be able to refi and see where he is at.You might see how strong the seller is and their ability to repurchase the balance if anything goes wrong, selling with the agreement to repurchase will limit your risks, if they are capable of doing so, most times they can't but you could have recourse with them for any deficiency but not with the maker of the note.

I'm not concerned with a quick money maker.

That's what every indie film maker who makes a piece of crap says.

I'm a bit suprised that the would ever have done a closing without it, that's the big money maker.