Your next step is to determine your why and once you have your why established, your strategy and goals become clearer. 

My investor and I originally came up with the idea that we would be splitting everything 50/50 but since I have no cash in the game I threw a few ideas at him including different splits or paying me a small flat fee, but before I sent him a firm proposal I wanted to run it by you all...As all the guru's and BP podcasts talk about, I need to know my "why".

I have said before that waiting for another crash is a fools game.

I'm looking to become a bird dog so I can help established investors and learn to find/identify deals.

had this happen to me to many times to count. the only time we got remuneration is if they had in fact filed the trustees deed and need to remove it.. then we could get a few bucks for cooperating but for me not worth the hassle and I would FOR SURE not spend money on an attorney. .that just is going to compound the loss and aggravation when you lose and you owe this guy money.. foreclosure big boys game win some lose some..

Did you partner with another investor that already had an established track record? 

It's definitely a numbers game. 

We have the ability to pull more than the 20k out, but we really don't want to get ahead of ourselves being new to the game. 

The benefits of in house property management is the seller or turnkey operator still has skin in the game after purchase and can exhibit low costs for the long term investor. 

Live in SB, but looking to purchase multi family in some of the cheaper areas of the central coast to diversify my portfolio and get my skin in the game.