Putting in a pool adds value to a home, the question is does the value increase in excess of the cost of the value add!!

The membership fees on top of the MLS fees seems excessive for someone starting out.  

You also run the risk, granted decreasing as time goes on, that there could be damage in excess of the remaining deposit and they could walk and you are in no better position.Just explicitly state in the lease that the ETF is one month of rent or if you prefer, have it declining over time that the lease has been in place.For an overview from the state of the relevant laws:http://www.dca.ca.gov/publications/landlordbook/ca...Two books I found helpful is Leigh Robinson's book http://www.landlording.com and Nolo's Tax Deduction guide for Landlords.

I would even try to get him to carry a note for 10% of the sales price, and maybe try to offset the note against a any excess above a capped amount of renovation work (perhaps the $80K suggested by the agent).3) Financing through Canadian Housing and Mortgage Corp. insurance (aka Canadian Freddie Mac) is very cheap - 30 years amort, 10 year term @ 4%, up to 85% LTV.4) Replacement cost on this building is probably $90-100K per door, or at least $1M.

If this ends up being flipped as a pure wholesale deal, my partner thinks a 50/50 split of the profit between us is excessive since he has done all the work up to this point in finding the deal and, while I'm providing the $16K in purchase capital, I wouldn't be needed to fund the rehab.

Running a DCF to get a NPV on a 5Y real estate investment seems a bit excessive.

Yes, looking over the laws for KS, it just mentions some items that fall under ordinary wear and tear and excessive damage and filth.

When it is time to distribute money from the excess cash flow, it works like this:$400 to distribute$200 goes to your partner$200 is allocated as having gone to you (for tax purposes) but the check is actually written to your partner. 

I'm not trying to be a slum lord but I am trying to buy properties that need a little bit of work to get up and running, but to be mandated by the city to put an additional $10-15K into repairs for a $60K house inside of a year of owning it seems a bit excessive.  

My agent said it would most likely be in excess of 100K to repair which may not even include desired cosmetic changes.I guess the point of this post, while it has no direct question, is to vent a little and just get some advice to maintain my motivation.