I can not speak to other states.Having been a probate attorney for 25 years I have cleaned up several messes performed by paralegals, Legalzoom, and inexperienced attorneys. 

When structuring a partnership like this, I would want a clear delineation of responsibilities, payments for specific performance, how to split costs when additional cash is required, and how to split equity after sale.Let's say you find an investment for $100,000.

It is in the same area as one of the others and we anticipate yearly gross earnings of 50k+ based on the performance of the other rental. 

If the buyer performs on the contract (2 year option), I will end up making $9,000 plus around $500/month in cashflow.

Make sure to advertise in all the available channels you can find so you can perform a true test.

Its not 30 days from the notice date but rather 30 days from when their current tenancy period ends.In a human way, just approach the tenants with your notice in your back pocket and explain that you purchased the property with the intent to rehab it, and need the property vacant to do so as the work being performed will be intense and intrusive.

The best overall returns I have seen came from a property that was about .5% on purchase, whereas those that met the 1% “rule” have performed worse overall from a cash on cash or IRR basis.

In fact, I actually see Class B/C assets out-performing a lot of Class A properties in a lot of secondary markets.

(Not recommended because if it is sold the buyers will check the rental income and your income will be short) That could possibly be explained. 3rd: If the owner is performing maintenance/repairs/improvements this would be calculated in operating costs since no one would be able to live in the space anyway. 

The appraisal performed by a licensed appraiser would be the most accurate in this case but if you do not want to pay the cost to have the appraisal then it may not be worth it.