After my multiple posts on all your help in how-to help on screening and other related rental criteria, I have finally found the tenant who is signing the lease on Saturday!

Acquisition Fee- this will help compensate you for your time associated with deal sourcing and even managing the renovation.

Finally, whats a POF?

Please keep us posted on progress and final numbersCongrats

and “Are you the decision maker, or is someone else going to have the final say on this deal?”

So finally i started 2013 by deciding to invest in the real state market.

I did vet people at a point in time but finally gave up on trying to assess who would be of value, who wouldn't be.

You will have to front the $, then he will collect other half midway from the lender. at closing, he collects the final 1/2 & reimbursese you.Make sure you get it in writing & that he is licensed & bonded. you don't want him running off with your $ (not that he will).Yes rehab loans are a pain but it's a great way to use other people's $.I think you have a great plan & minimizing your risk.

When I'm the buyer, I want the property vacant at least a couple days before close of escrow so I can do a final walk-thru.

Surely they can call the partnership an on going business that will acquire more properties.There are business expenses needed for any operation and ones specific to the acquisition and management of real estate.Most notably in this case driving to properties that they need to evaluate, then manage construction, then possibly rent it out and manage the properties.I'd think any marketing expenses and other general expenses should be treated that way.