Think of it this way, you would have to pay on average 10% to a PM company, so that's at least worth a 10% stake in the company, so if you put in 25 % and you manage, that should be a 35% stake in the co. st the least.

I have $80,000 to put in.

I wonder if it is a generational thing, the amount of work he has personally put in, or a real knowledge of managed properties in the area. 

Assuming I put in the hundreds of hours required to master this niche, what are my odds of seeing 15%, 20%, or even 30% annual returns in, say, NPN 1sts or NPN 1sts in combination with performing?  

Simply put in the contract that the title has to be merchantable and the purchase is subject to the Buyer reviewing the payoff of all liens.

To answer your question, generally, before your property is put "in service", expenses must be capitalized.

I know that it is also wise to put in the contract that the property will be purchased in "as-is" condition by the end buyer.

I am hoping on our next deal they will come down on interest a bit.Ok, so here's what the house looked like before we bought it:So far, we have painted the exterior, all new vinyl windows, new exterior doors, new garage door and opener, installing French drains and a sump pump due to there being a bad ground water issue in the crawl space last spring, new roof, opened up the kitchen, put in a french door, replaced all the wood flooring, tiled in bathrooms, framed in laundry and mechanical, shelves in the pantry, all new interior paint, heated flooring in master bath, can lighting.

If I wanted to make it retail ready I would put in about $11k.

Why would an agent want to put in the work to do 10 deals to make 5 or 6k when one deal is going to pay them $10k.