The investor is putting up all the cash and I'm putting up the project management and any labor intensive work (painting).

The best way to find a mentor is to join your local REIAs and after a few months of consistently showing up, start to ask the major wholesalers out for coffee and see if they can offer you tips.

I'm interested in proposing a lease option as well and looking for tips.

@Karen Margrave Thank you for the helpful tips.

I have recently joined my local REI club and I believe that stories from fellow investors, both success and failures, are a lot more valuable than reading ''gurus'' inside tips.

Buy some Microsoft stock then go to go to Redmond WA and try doing some landscaping and paint the front door and see if you stock goes up.

Some may only want post 1978 to avoid lead paint issues.

I would guess you would be slightly low at a $1000/yr, especially when you need to flip the house between tenants or preparing for sale as you'll probably need to replace carpets/flooring, paint, etc. among other things.

Better to own something where you don't have big brother saying "you need to paint" or "we decided to put on a new roof, please send us a check for $5000 by the end of the week."

He was very informative and provided helpful tips.