Under delayed financing exception you can cash out what you spend initially to purchase the property or 70% of current appraisal value which ever is less.

Once rehab is completed - The second closing take place, and you get Up To 70% of Appraised Value OR to Cost, whichever is the lowest. 9.

You pay taxes on what is left for you, presumable your half, in whichever way you calculate it.Some of my colleagues will disagree, but I maintain that individuals do NOT issue 1099-INT, ever.

He refuses to answer or return my calls to his cell phone, emails, or calls to his work. 

Since you converted your former primary residence to a rental, you will have depreciation recapture taxes on the depriation you took or should have taken whichever is greater. 

If he creates an Airbnb (or VRBO, or whichever platform they end up using) profile, you could require him to hand it over to you when the lease ends. 

Whichever of us provides the management side of the transaction has 51% ownership so decisions can be made.

You might need to use a 2nd cell phone. 

Each letter has my cell phone number and I will be taking calls directly, should be intersting to see how this goes.I'm keeping track of mailings on separate lists (type of motivated seller) on an excel spreadsheet and plan to mail out once a month.

The following is an excerpt from Andrew's original post...WHICHEVER IS THE LOWER AMOUNT (super important)I understand the caution in all this, but entertain a scenario..I'm having a very difficult time passing up cash-only deals based solely off the knowledge that the ARV really isn't going to go anywhere due to the home being livable/only needing cosmetic upgrades/being sandwiched in between 2 or 3 other units of a multiplex...I say again I'm having a hard time forgetting these deals because they would cash-flow nicely and are affordable.