There are multiple ways to negotiate that. - If you can even get a 10% discount from market value then you get an additional $200.00 positive it might a good deal depending on how long you want to hold it.- Another way to look at it is, there are some other markets which are offering turnkey rental @ the 1-2% rule with discounts.

Establishing a CA LLC has some significant start up costs especially if an attorney gets involved.

I need a better program to keep up with late payments, multiple payments in one month, pre paying on the principal, etc. 

Not sure if you're looking just build one home, or develop for multiple houses.  

Machele,I don't handle Lawrenceville but I can give you multiple recommendations for good PM's in that area.

This is a great place and I have been learning a lot in the few months I have been involved.

With a history of home rehab and resale to consumers on the North Side of Indianapolis as well as a background in value add property management, I'm looking to leverage my experience as to create a network of professionals to buy properties for rehab and resale in multiple areas of Indianapolis. 

The house was being house hacked by an investor that owns multiple homes in this area and he decided to submeter while he was doing the Reno. 

(I understand that the split is whatever we agree on -- I'm looking for what is typical).2) Same situation as above except that there is a mortgage involved.  

Use rental income to grow savings and continue to invest in real estate without getting personal property involved.