House was built in 60s seem to be structurally sound but needs lots of cosmetic/updates.  

Any suggestions on the nuts and bolts (contracts, how you structured deal, what % rate of return you offered) and how you managed the relationship to help the investor feel comfortable?

single family homes are less desirable to rent than an entire apartment complex as you have way more to maintain, versus one structure under one or 2 roofs.  

UNITED STATES TREASURY BEGINS CRACK DOWN ON MONEY LAUNDERING THROUGH HIGH END RESIDENTIAL REAL ESTATE In an effort to combat money laundering in the real estate sector, The Financial Crimes Enforcement Network (FinCen), a bureau of The United States Treasury Department, has issued Geographic Targeting Orders (GTO) that will temporarily require title insurance companies to identify the names and social security numbers of the natural persons behind LLC's and other opaque structures that are used as shell companies to purchase high end residential real estate.Reporting will be required on "All Cash" purchases of residential properties that exceed $3,000,000 in Manhattan and $1,000,000 in Miami-Dade County.

I'd like to set up my structure with my long term goal in check so I don't complicate things in the long run.How are you guys doing it?

I haven't actually spoken with him about how much interest he is looking for or how he would like to see it structured.

He saw the tiniest trace amount of black dots (from shower condensation) and asked if that meant there was structural problems with the roof.  

The outside portion of the brick may be in good condition, but the inside that was exposed to heat may have caused cracking in the middle somewhere.Probably one to buy for the land and location, not the structure.

Any possibility we could bargain with the county auditor for a payment plan and structure a contract of deed or land contract?...

Our goals are mostly cash flow right now.I'm looking to learn more about different investment strategies, how to identify good properties, how other investors structure their asset protection (LLCs vs Trusts vs Umbrella Insurance) and stay updated on trends in the market.