But to prove yourself to the partners and show them you're a professional, have all the details on the property on paper in a clear business format.

I might also run an ad in the paper as if you are selling them by owner.

Stephen to expand upon one of Chris' suggestions, look up Craigslist ad's in your area, and your local paper for "For Rent" ad's.

Lots more to discuss, but don't hesitate, get it in the paper and all over the web fast!!!!

I think in the end it is just making sure that before anything even thinks about going on paper, that partners are very much on the same page on goals, scope etc...

My second property of June of this year was a combination of my mother-in-law providing me a loan for rehab costs and downpayment and the owner holding papers thanks to the book "Investing in Real Estate with No (and low) Money Down".I've never gone this specific route before of looking for private lending outside of immediate people I know but I'm realizing the impact this can have on my future in this business.

Investment Goals:In full disclosure I am still formulating these and this week have started putting pen to paper. 

IE stucco siding tile roofs etc. 4. no state income tax5. super easy to get to  200.00 round trip from SFO and only takes about 65 minutes. 6. fun place to go. 7. buy nicer areas that have strong rents.. when you run ALL the numbers  tax's  cap ex  on going maintenance you will find you can spend more get a very nice quality home that performs as well as homes that appear on paper to have better numbers.. 

The good news is that you can add back your paper loss of deprecation, and your cash  deductions of insurance, mortgage interest, property taxes, HOA dues and even one time extraordinary expense. 

To flesh out your decision a bit more, you might want to think about this in a little more depth.Go into both areas from 10 am to well past dark and drive the areas.Visit the grocery stores and fast foods, a few times each day and see what you think of the areas population.Talk to some shop owners in the area and get their view on the locals.Because these are the people who will be your renters.Do the look like they can pay the rent, (decent vehicles, decent clothing) or does the people look like they are struggling.Think about if this is this an area you want to do business in -->(long term)<--?