My partner and I will be doing a 50/50 split of everything and including some options to get out as @Anthony Susco  mentioned.

The few I was involved in were(A) 50/50 equity split where the investor brought all or a majority of the money and the equity was split at the end amongst us.

Wondering if there any golden rule for minimum bid on such home owner occupied HUD properties.

I told them while chatting with them, that I made no exceptions for my rule that income must be AT LEAST 3x monthly rent.  

., the taxpayer owned one parcel of land for 11 years and upon sale the court ruled it was inventory and would be subject to ordinary income taxes rather than cap gains.My point is, @Anna Watkins, that you need to speak with a savvy professional and lay out your facts/develop a defense plan before you redevelop.

My initial research has been into - kane county foreclosure sales- researching liens online - practicing the 70% rule on the list of 2016 past and future foreclosures to see which properties sell for at or below max offer amounts and to see if i can tell what indicators set these appart from those that sell at foreclosure beyond the 70% rule amounts?

Keep your tenants at arms length, they are not your friends, and inforce all rules to the letter.

If you are starting out with rental houses, get ready for more impossible rules and regulations and higher costs for repairs. 

I have an agent and we are looking for the right opportunity that meets our expected numbers from ROI, Cash Flows, Cap Rate, 2% rule, etc.

My new manager in New York charges 50% 1st months rent which works out to about 4.1% per months rent plus their 10% management fee.