Renovated house, repaired roof damage caused by a fallen tree limb, and repaired damage from previous owners.

Cap ex typically is around 10 but looks like you are doing some repairs. 

If you have $51000 to pay on the mortgage plus repairs, and give him something, you may be into this for 100% of its value.

Also he is going to put half the rents of both properties toward the purchase price and continue to handle all repairs until I purchase them.

How much are you saving for vacancy, capex, repairs, mangement fee, etc? 

FHA 3.5% Sales Price Cash After closing fees $305,000.00 $15,000.00 $430,000.00 $127,000.00 Monthly PITI Average 4 Bedroom Rent Realized Rent Savings 2.5 Years Repair Cost $2,500.00 $2,800.00 $9,000.00 $27,500.00 Total Money Invested (Repair Cost+Downpayment)-Rent Savings ROI: Gains from investment-Cost/Cost $33,500.00 280%

Not looking to steal anyone away just looking for quality vendors to use from time to time. 

Being a local company, providing quality housing and great service is very important to us.

Wouldn't the landlords insurance pay for the repair and then sue the tenant for the grow?

The well driller ended up running into  problems with a high volume but very low quality aquifer at a shallow depth that blew out the well multiple times.