Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

These are great people to involve as financial partners or private lenders.

If the house needs work, or even if the systems are aging, I add this to my initial purchase price for the calculation, plus a contractor's price margin for the hassle involved. 

I think wholesaling would be a great way for me to enter the real estate scene; a subject I'd love to become involved and invested in.Ive read that having a real estate license can be an advantage in wholesaling, as it gives you access to the MLS with the ability to comp properties.

I see a lot more opportunity to put less money down to have more reserves since this would be my first time getting involved with tenants.

The whole point in having a notary involved is that the process itself authenticates the document and confirms the signer. 

I didn’t want to get involved in an expensive game of “hot potato”.Instead, I invested in a 3 Family closer to Rutgers.

Do you think I could arrange this myself between them without the need to get a lawyer involved?

@Clayton Hutton As Jeff suggested, a fair deal is what all involved parties consider to be fair.

For the average flipper this deal probably wouldn't command a high enough profit margin to justify the work involved, but if your goal is to buy-and-hold, this could be a real winner.