I would almost say that of the four areas you listed, you should strongly consider focusing on which one is closest to you.I would also say to be careful about partnerships.

Some companies will only find a tenant others will take care of everything.

Depending on exact rehab costs you might have to cut your fee to make it happen but I think it is a safe deal.

Cut some expenses and save organically is what I did.  2 options posted here. 

The other thing to keep in mind is to be very careful with the owner staying for six additional months.

Nobody will care for your property like you will. 

@Antoine MartelThank you, He basically said that he’ll take care of the rehab part since he does it all the time, and I only have to put up my money, does that make sense to him to make “only” 50 %, is that how it’s done?

@Scott Freer, if it was you who arranged for those figures to arrive at exactly $50k profit (less tax), based on realistic rehab and ARV figures that you carefully researched, to arrive at your maximum allowable offer (MAO), fine.But if those figures were presented to you by the Seller (or agent), not so fine!

You need to know rent rolls, length of lease, is everybody paying on time, any "discounts" on lease (like lawn care, etc).

Only lends to LLC's and doesn't care about the borrower's(s) income.