Owners don't walk away from $50K + in equity.Go to the recorder of deeds web site and check for liens on the property AND any others against the owner (judgment liens can be hard to find.Something here is not right.

Here's one of 50+ that I received across the inter-webs from a single tenant.

Not a lot of useful info on the web site. 

I've worked with my mom's company doing digital marketing through web design and social media management.

It also includes common forms that you can edit and use.Their web site is a free resource with links to your state law but I highly recommend the book for some of the practical advice they provide.

There are many additions that you could research around the web but for free and with an eye on local use Its great: http://my.mnbar.org/residentialrealpropertyforms/viewdocument/rpf41-minnesota-standard-residentia

It is a gamble, especially if you are out of state.

These aren't issues that are specific to flipping and should be a primary focus for any real estate investment - The bottom line is that you made a profit despite the challenges you faced - and congratulations for that - but it seems to the bystander that you gambled with another investor's money while investing very little of your own - you put yourself in the position of a teacher or mentor when in fact you are not extremely experienced in the business of flipping - consider how you would feel if you lost a portion of your partner's investment....Today I am closing on the purchase of my 15th flip for the year, and I wouldn't dream of taking on an investment partner who wasn't equally experienced and had an equal say in the decision process.Good Luck with your future projects and Happy Investingjeff 

You’ll learn how Paul discovered the vital difference between investing and speculating, why falling in love (with a deal) is incredibly dangerous, and the huge real estate gamble that Paul made that cost him $40,000.

Its educated gambling..... and you may hit a grand slam...or you may get punched in the nuts...... its personal decision on your risk tolerance.Sometimes that huge leap of faith and "screw it, I'm going for it" can reap huge rewards....and sometimes it doesn't.For every "I bought it sight unseen and its doing great", I would easily bet there are dozens that have been totally screwed...some of them don't even know it yet.