Additional property detailsAsking $229,0004 beds, 3 bathsConsistent rental historyNear a major hospital and universityAll furniture comes with the home (interesting)What exactly does this mean? 

And if you have an FHA loan the building has been vetted for any major structural or utility repairs.I don't know, can you think of a better one, not assuming he has a lot of capital, or housing experience?

Maybe NY is faster than the housing authorities down here, but with rentals going in a day or less on market it is a major hassle and income loss to deal with people who want you to go through the housing authority hoops.

We found the majority of the noise was due to a creaking joist, which I made the HOA pay for (so they already do not like me). 

http://www.oregon.gov/CCB/Pages/buyer-beware.aspx this sure would be a helpful item in all jurisdictions. 

@Bill F. my example was somewhat hypothetical but a reality I am currently facing, and no, there were no major shifts in the dynamics, simply baseless optimism and this has been the case across the board in my area.

Around 15 properties Biz #3, 50% - Around 25 properties.Some of my major expenses are: Private contractors, around $200K/yr. 

Currently, I am closing on a house in the Fort Polk area in which I am utilizing an FHA loan, and it will be a live in flip where I’ll do the majority of the work.

I keep CapEx at 10% until I have the property Inspected to determine the current condition of all major components and appliances. 

No problem 50/50 sounds fair since that was the original agreement even though you did majority of the work.