@Joe Splitrock   off to a new state they go  :)when I was running my HML shop I used an accurant product that was a fraud detection worked like a charm put in info they fill in on app.. if public records and utl bills don't jive you get a red flag back took about 60 seconds to compute. 

The owners are delinquent on their 2016 taxes so we would put in an offer of about $87K, make it livable again and put it back on the market, probably around $210K.

I paid less then $5k and put in about $6K.  

Frank Sanchez I need to just find a contractor to give me a real idea.I have to put in a kitchen as well.

I paid less then $5k and put in about $6K.

I wanna know how did you get all that info to put in the analysis calculator.

At the end of the day whoever I decide to put in the property will be thoroughly vetted.

I have always preferred to work independently, being responsible for your own success and of course failures is a great feeling, knowing that if you put in the work and effort then you will get rewarded is huge.

You need an exit strategy that allows you to get out of contract and retain your deposit (if you qualify to get your deposit back, then you certainly can't be sued).Put in a generic clause that allows you to back out (something vague like "partner's approval" usually works great).

If you buy a good enough deal with built in equity, or put in a bunch of sweat equity the first year, you can refinance in to conventional and use an FHA 3.5% down loan on the next home... but Ramon is right in that you can only have one at a time.