Learn from someone else's mistakes, don't reinvent the wheel, etc.My goal for my first deal is to financially partner on a flip with someone who has some successful rehabs under their belt so I can be involved in a deal, see firsthand all of the stages of the process, and learn the basics from someone with some proven experience. 

I think if you have time, self-managing a vacation rental is probably your best bet, as far as getting both appreciation and cashflow. 

So yes, rehab dollars will be involved. 

Put a clause in your leases going forward about what can be flushed and cannot and chalk it up to a lesson learned for all involved.

Some rehab was involved, Nothing major.

You have a much bigger cost and time involved when you start setting these complicated ownership schemesup.

Prices may be a little high (but with so much competition I bet you can find a deal).  2.

You bet @Richard Olshove.

If you're looking for appreciation, there might be something there in O'Fallon, but I am not making appreciation bets - just looking for cash flow.Eric

He could have also attacked me or killed me, so looking back it wasn't the best idea.Any time illegal activity is involved it is best to post notices on the door and avoid confrontation.