@Lauren Speidel thank you for the extra detail.  

Feel free to PM for more details on the project. 

copy down said number.......... make up approx 100 "free items for pick up" and list them on craig's list etc.... 

@Steve Vaughan, thanks for the detailed description.

I have some questions about how our profit/ payment structure is setup, here are the details:--- 4 Owners in an LLC taxed as an S Corp--- Myself and 2 other people have 30% equity ownership and the fourth has 10% equity ownership.Currently we have agreed on that the GC/ my friend/ business partner who is a 30% owner, gets paid every two weeks an hourly wage but that payment is deducted out of his profit he receives at the end.Should these hourly wages not be deducted from his profit and he makes profit plus hourly?

So I am planning on figuring some type of possible commercial activity tax depending on City/County/State regs (payable by the 401k entity) and detailed on its own tax return, based on my BP education in process.    

Search BP forums for "drive for dollars" to get more detailed ideas- Buy a list of multi-family properties with absentee owners and market to them via mail- Try to find another agent that is more investor-aware that can help you search- Find a local investor group to network (you should be doing this anyway) and try to find deals

Here are the details (hopefully this covers everything)Purchase Price - Offered 70k but most likely going to be 75kCurrent Rent: $850 but area looks like I could get almost $1000Repairs: $10-15k possibleA home across the street was sold for 125kI think it meets the 1% rule so want to make sure that this is something that makes sense.

The formal work bid that comes from him will need to show an itemized break down of the total cost of repair between labor and materials. 

Tenants expressed serious concern that they are hearing little girls voices and finding items moved or things out of place.