I expect the lower end RE market to outperform the mid and high end markets in 2016 through first half of 2017.

Brandon the 50% rule is to account half of the rent towards repairs and the 70% rule is to only pay 70% of the after repair cost minus needed repairs.

There was a down payment assistance program, and the seller paid for half of the closing costs.

I ask them to beat other stores on certain things (for example a 6x6 is almost half as much at Home Depot).  

I'll cut to the chase:3b/2ba each unit (built as a duplex so mirror images of each other)Listed for 80kPurchase price- 70k (seller paid closing costs) with 20%down ($14k)Rent- 650/unitPITI- approx $500/monthNeighborhood- C+ to B (about a block and half from a very nice park but with some rundown houses on the block.

I do have another question for you regarding your comment about " end of the month" is the easiest time to rent: since it is already the end of February and I am not getting any qualified tenants, does that mean that if I get to March, I won't be able to rent my place out until May 1?

I am new to the flipping world but I have a lot of construction background and I even finished half of my basement myself.  

The easiest way is to search the mls for agents that are showing up as buyer agents of reo/distressed homes and listing agents of flips. 

Last year (2015) we sold the property and made a decent profit, but the 1099 is in my name only.Do I claim half of the profit shown on the 1099 and give my cousin a 1099-MISC for his half?

Easiest way is make the address the name of the LLC