Hi BiggerPockets Community,I've got 200,000 earmarked for investment, and I'm looking to dive into the BRRRR, or the Fix and Flip strategies, My focus is rather on a few smaller properties in upstate New York—think Orange, Sullivan, Delaware, Ulster counties, and the scenic Borscht Belt,Any tips or recommendations?

I have a buddy that is in mortgage but unfortunately we are not able to secure deals with his company because most buyers have better financing or cash options and this is taking me out of the game.

I look forward to your response. 

However, I also recognize the value of seeking advice and perspectives from others who may have more experience or different insights to offer.I'm particularly interested in hearing from individuals who have experience with waterfront properties, investments in the Central Florida region, or any insights on factors that contribute to property appreciation and long-term value.Additionally, if anyone has tips on structuring partnerships or attracting potential investors for such opportunities, I would greatly appreciate your input.Please feel free to share your thoughts, experiences, or any advice you may have.

What I could follow was that if the property is worth $850K and I owe $381k on the mortgage, and my cash flow is -$1773, then even when using his equity formula, I have about a -.00375 return on my investment. 

Do that an at some point you will end up buying a vacant lot that used to have a gas station on it, that still has the old buried leaking tanks and the oil change guys just dumped all their oil changes behind the shop, and you will now be responsible for EPA cleanup to the tune of 100Ks. 

You could also partner with a money partner, while you serve as the General Partner, responsible for operations and management.

Any tips or guidance on what I should watch out for ?

Then you need to list rights and responsibilities.

Do you guys have any tips for negotiating with the seller?