My role will be running day to day operations/ property management/ taking calls and running all activities after the rehab.Our initial thoughts are 1/3 equity.Quick Rental details: we purchased the home for 30k.

Real estate's "gross rent multiplier" is Wall Street's "sales to revenue",  "cap rate" is roughly "P/E ratio".When evaluating markets and investments I tend to start with GRM (or lazily the 1% rule), then attempt to return a cap rate based on assumptions about costs, then I work my way to multiple years of projections (assumptions about inflation, amortization, tax benefits, etc), and if I am partnering with one of my smart friends I have to pull up an IRR (internal rate of return).I also look at regional employment levels, median income to rent ratio in the zip code etc. 

I love researching and Following the economic activity of Detroit. here’s a great post I shared recently - that shares insight into why I’m all in on Detroit.  

Greg makes a great point about reaching out to active brokers, those connections can be invaluable.

Exploring AZ, TX, OH, and FL makes a lot of sense—those markets are active, and Florida, in particular, could offer unique opportunities with properties affected by recent hurricanes.

I was strongly considering joining before I read this, now I am going to go the hard route, but probably best to just stay active on here and go the extra effort to network with accomplished developers in my area.

There is no such thing as a "safe and stable" investment in real estate if you are going to be active or passive. you can buy the best property in the best area and have a tenant destroy the place or have it mismanaged that can cost you.Check out the syndication group on how many people were promised "safe" or guaranteed returns and lost little money to everything.

I would be prepared to file for eviction etc. if they are 1 day late on payment, but would not actively be working to get them out if there is not a blatant current violation of the lease agreement. 

Look at crime rates, school quality, vacancy rates, and rental demand in those areas.Talk to Local Real Estate Professionals: Connect with real estate agents, property managers, and other investors who are active in the specific areas you're considering.

Huge cash out in the future from appreciation or active income from rentals now?