They were only doing it as they work out of town and wanted to cover their rents, but told me to do it as we're in the same line of work and my place has been empty for the past 3 months.

I also used 12% for property management because, although they may charge 10%, they charge fees when a unit is rented out, so it will probably work out more toward 12%.

Everyday I working towards streamlining my house flipping business, and so far that has gone pretty well, so like you said regarding energy, although setting up those systems has taken a lot of time, focus, and effort, they have more than paid off and do allow me to spend a lot less time and effort while accomplishing a whole lot more.I'm sorry flipping houses didn't work out for some of your friends, and considering you are focused on other investment strategies this probably isn't the thread for you but thanks for your comments, and hopefully the feedback is valuable to others who are interested in learning more about running a house flipping business.

I spent alot of time training her up and she was paid hourly while having flexibilty to do as many hours she want.I now need to take on someone who is passionate in property to run the in house property management company this can free up my time to focus on development.Does this arrangement seem like it will work out?

Would you have any suggestions as to how to work out one of these joint venture deals?

Right now we are on the verge of purchasing 2 separate two-unit properties, so I'll keep you posted how things work out.  

It is much harder to get them out if things don't work out.

. - this webinar was a sort of "trial run" for me to work out all the kinks... and BOY were there kinks!

It really is like getting married... unless you each have clearly defined responsibilities so that everything which needs to be done is covered by someone, and then on top of that have a structure to buy one or more of the partners out of the deal in case things don't work out between you all.One of my favorite sources of properties is feuding partners who are willing to sell below market just get away from the others in the deal, don't become one of them ;)Good hunting-

If it is still in there, I bought an REO a few years ago when there wasn't as much competition, and used the inspection to leverage another 10k off the price, by producing contractor bids for various capital expense items that would now have to be disclosed to any future offers should mine not work out.