However at the 17 million they were actually producing MORE total profit.

Do yourself a huge favor find a good mentor, watch them produce find a sweet spot that they operate in.  

I would say that at all times, things need to be kept as straight forward as possible.For his split of profits - He finds, fixes, and manages… For your split of profits - You buy, use your money, and credit to get loans…He pays rent just as any other tenant does, you split the profits as agreed on, and when selling the property… Maybe once you get 10-15 units that are producing income, then maybe you can talk about free rent… But on the first one, I don’t think so… Also, should there be problems… i.e. the Partnership does not work out… There will already be enough problems to deal with… And if he is living in a unit for free, rather than with a rental agreement as a tenant, it will be next to impossible to get his to leave.

Said about to sell it.2) 2nd position but with decent equity cushion and offering healthy return.3) I am located in the suburbs of Philadelphia.

PM me and I'll give you the name and author.The auctions for us has produced a huge buyer's list.

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Many agents hate working with investors because they are 1. embarrased to submit low ball offers and 2. it's a lot of time and most investors won't even close on a deal with them - especially if they plan on going unconventional routes like assigning leases etc.You need to find an agent that specializes in working with investors - calling up a top producer at a random office and or even a newbie isn't going to do you any good.Instead I would call the office managers and ask them who specializes in foreclosures/investors and they should give you some good reference points.

Fortunately, we have a healthy investor base here so these keep selling and aren't dragging our values down.

CD's and Bonds aren't as sexy as real estate but a good financial advisor can make your Grandparents savings last the rest of their life.Hope I have helped by telling you about this little experience in my life and I wish your Grandparents a long healthy and enjoyable life.

Jim,Have you reviewed the ebook MikeOH has produced.