[drywall]), insulation (more bat in the cavity but not too much where you mess up the 3rd factor , decoupling: resilient channels and double stud walls are for this, The 4th item is sealing openings and penetrationsThere a lot of different levels and it comes down to is this going to be a separate unit or just a finished basement.

Someone will need to take the time to help him draft a letter of explanation for items on his credit report.

If you figure $20K for land you'll depreciate $60K over the next 27.5 years which puts you at $2,100 a year you can write off as a "loss" (assuming you itemize which should be a given for any RE investor)  I agree that this looks like a minimal cash flow property with some risk, but if you want to build equity and know it will rent you will at least keep your head above water on it.  

The investor just lost his $25,000.The redemption price tag also includes taxes and insurance paid or owed by the current owner.If the borrower makes written demand for redemption, the current owner has 10 calendar days within which to reply in writing with an itemized redemption amount.

You issue a 1099 for something that is a line item on your Schedule-E, Schedule-C, or Form 1065 and over $600

Another thought, since you're splitting the profits 50/50, be sure to get an itemized repair list from the contractor.

@Kimberly H.Basically what happened here was the tenant had given landlord knowledge they were vacating,which they did, the unit was empty the crap that was left they could have cared less about, Yes the owner should store the items for the period needed, But the owner had rights to secure the property, he could have posted on the door the locks were changed and to contact him if they wanted entry.. which is basically a mute point... they were gone and rocket science isn't needed to figure that out.. filing for eviction.. added court fees... really is designed to get "PEOPLE" out of the unit.. guess what they were GONE...

@Brian Cornick ok, thanks for the explanation on the broker item.  

There are no other fees, no hidden fees, no account setup fees, no leasing fees or other extra fees for various services or items.

These are just a few of the items a great lease should address.