I might of got a little confused now that I read @Nicholas Horsburgh his reply he did not say PPM he said offering memorandum .. many would take that as a PPM  ( private placement memorandum) but maybe he meant like a detailed description in writing of what your trying to accomplish.Generally there are no real contracts for loans there are loan documents though Note  mortgage settlement statement and depending on the lender a whole host of other various and sundry documents usually disclosures so you can't sue the lender. :)

Good for you that your taking the plunge into this big, detailed world of real estate!

I'll spare you the details, but the houses generate enough rent in the first 12 months or less to cover the purchase price. 

However, getting into the details, and tax parts of it.

I asked him to tell me man to man all the details tonight and that I'm about open and honest communication - he still wouldnt come clean.  

Take a look at this case and the vast amount of detail the IRS uncovered.

I have a totally different take on it (and was in a similar situation just a few months ago).The $429K is not all your money, so the argument others make that you could take that money elsewhere is false. 

Once you think the numbers work then start calling people that are running ads and one conversation Should lead to another and hopefully you'll find enough reasons to fly out and meet some new contacts.Account Closed is correct there's a broad spectrum of deals to buy from a total gut job to a full on turn key program.I'd definitely stay away from fix and flips in the beginning and look at light rental grade rehabbs to full on turn key.The most important aspect of out of state rentals is the property manager, for this reason I finally decided to partner with a management company in Michigan to help protect mine and my clients assets.Ohio, Michigan and Missouri are still under valued and offering good returns.The detailed kind of information you're after is more of a phone or sit down conversation.

@Dan Heuschele I really do appreciate the detailed feedback.

Give detailers as to value, market rental rates, condo fees exc. so that we can assess the option to hold as a rental investment or not.It all really comes down to dollars and cents unless you are an appreciation speculator.Your decision to sell and purchase another fixer upper may be a easy decision if this property is a poor investment as a income property.