In addition to the asset protection, I see another benefit of forming LLC to be its deterrent effect, because tenants and/or other randos who are deciding whether to sue would see a LLC as the landlord (which would involve a more drawn out legal battle for any recovery) rather than an individual (which is a much easier target). 

From there, I think you will have a pretty good idea of the percentage of work you and him will be doing on a consistent basis and it will make the discussion on how to split the deal a lot easier, and will reduce the chances of disagreement.Hope this helps, good luck!

In my target areas I can tell you which blocks are good and which are bad by memory.

Lay out your target numbers (expenses and anticipated profits) before the deal. 

The agent, lender, insurance agent and contractor are also important, but are (in many ways) much easier to come by. 

Hello Andrew, Since this is an extremely targeted direct mail, I would try to get more specific.

Paul,...If you're going to wholesale like a professional, only pursue deals that are worth Cash Buyers' time (target for 60% ARV if you're not confident about estimating repairs)Some wholesalers aim to lock up as many houses as possible and then walk away when their 2 cash buyers won't buy [bad] deals.

Let me show you what I mean using your numbers.ARV x LTV = Refi Amount - Rehab Cost - Closing Costs - Holding Costs = MAOARV $450,000x 70% - 80% (LTV) =  this is your All-in Costs target = x 80% = $360,000 (Refinance Loan Amount)- Rehab Cost $50,000- Closing Costs $ ????

Once you gain the trust of a more experienced investor, it will be much easier to get an opportunity to shadow them and get the hands on learning that you are looking for.

What would be your target purchase price and ARV?