Operating agreement in place spelling out duties, financial responsibilities, and profit share as follows, Member 1 provide purchase money, pay holding costs and supply labor as able/ needed.Member 2 ( me) provide rehab money, manage contractors, make all decisions neccessary for completion.Short version.

My goal is to find a rental here (college town, built in supply), but it is very discouraging.

. $25k sounds like a lot, but when you install new roofs, HVAC systems, hot water tanks, ceramic tile, new supply lines to angle stop valves, vinyl plank flooring in high traffic areas, carpet in bedrooms, faucets, fixtures, electrical panel updates, etc. it really is not that much and important if you plan on a long term hold.

. $2500 settling fees (don’t have exact amount just a guess)$2250 in supplies to fix upIn six months when I get 30 year cash out mortgage another $2500 (guestimate) in fees for new loan. 

For instance, new construction is still way down, lending practices are much tighter and the money supply is not filtering in to the economy yet.

Interests include skiing, everything motorcycles, sports cars, photography and travel.

Family, sports, eating, knitting?

This is for a 1,200 SF ranch with 500 SF finished basement.New 2.5 ton AC unit & coil - $2750 Replumb entire house (1.75 baths) - supplies, wastes, & vents (excl. fixtures) - $5300Rewire entire house & garage to code - new panel, service ok (excl. fixtures) - $5300Paint interior 3 colors (walls, ceilings, trim), incl. removing some wall paper, most surfaces required 3 coats, incl. paint utility basement walls & floor - $4650I'm in a medium-sized midwestern city with average material & labor prices.

Also, would be nice to have someone handle deliveries of supplies.

I believe there is a document called a ".....Buying Agreement" that a Realtor and Investor can sign so that when an Investor purchases an unlisted property supplied by that Agent, that Agent can then receive a fee, legally.