Also, the whole point of hiring a PM is to handle tenant, maintenance, and rent collection, so if your partner isn’t actively managing but just supervising the PM, IMO not worth having a two people essentially looking over the same tasks.Contributing financially for one person and the other having no financial stake raises decision making questions, such as when to sell, how profits will be distributed, etc.

For all the deals here in South Florida, I'm not able to do 70%, and it seems like the profit margin is really small. 

Sharing leases, profit and loss sure but no inspection. 

I was profiting over $20k annually.

People are promoting the hatred of half of your own nation/people for profit.

Happy profits!!   

Any amount you purchase less than you sell, or any amount of cash you take out is considered to be profit. 

Same thing as Bankrate for example they use a very specific model to price those rates and scenarios like 740 Fico, 70LTV, 15 year term and the APR is never really talked about when it comes to margin and points charged.So when your fico score, LTV, loan size or DTI deviates from that very specific loan scenario then they say in all websites required by law "rates are subject to change" hint hint! 

I have found 1st lien mortgages to be very profitable.

$20k/month in profit?