(120k total)2nd house we are making a profit of 120k but this  "profit" would literally pay us back for our initial investments into our LLC together we used on the first house ...anyone have any idea how the gov.

We are still doing a ton of fix and flip loans there and the numbers make sense for the banks.

There will be more wear and tear and multiple headaches with several different renters.

The sellers says it's just college boys and that's to be expected.He's currently getting good rents...as unbelievable as it may seem and if cleaned/fixed up it could make more as well as increase the value of the property.We own several coworking/coliving properties in the US and Mexico, so we are used to hospitality and properties out of state.However, my questions are;Is this a norm for college students, or student housing? 

While none of these options allow for immediate cash flow on the property (we are on the northern CA coast) the ARMS would allow us to break even.

My wife and I move into the house since we are looking to move to the area anyways, and we all do a lot of the rehab ourselves, probably with my wife and I doing a little more since we would be living there.In this case, how does the friend with cash get their money out of this deal in a time-efficient manner, since they're primarily looking at this as a flip? 

Louis - Who We Are and What We Do (p. 8)

It likely would require something grossly negligent with huge consequences to have a chance to go beyond my coverage and we are not that negligent. 

Yes it is a blank slate and we are both open to making it work in whatever way necessary.

Why mention the tenant will be responsible for appliance repair above ordinary wear-and-tear?