This is a good time to open up the place and make it 'great room'.IMO, this is way more than $40k Rehab cost...you're almost doing a complete 'to-the-studs' remodel here.....Hint - you'll need to run a ground to every outlet and switch, plus adding a lot of outlet locations and in some rooms it will be easier to just demo the drywall.

@Lucas Vreeken, You want to think of a REIT as a "security" or stock like you would buy in a brokerage account. 

You can create an LLC in the State of Florida online for $135 just visit sunbiz.org. you can then use a title company or get a quit claim deed online and record it with the county government where your property is located.

Lots of sand and shellrock there.The location of the fill is the most critical to price, the trucking will likely cost more than the fill.

Operating in Multiple States: If I expand to multiple states, do I need separate property management licenses, or can I operate under one license across multiple locations?

While I understand leveraging debt could yield higher returns over time, for these initial transactions, I prefer the security of buying outright.

In my opinion, part of your renegotiation needs to provide your partner with some security. 

I wanted to know from other investors if anyone is having success in this location.

Operating in Multiple States: If I expand to multiple states, do I need separate property management licenses, or can I operate under one license across multiple locations?

Hi if I am going to buy and investment property , put it under an LLC, what are the pros and cons of using a saving secured loan vs. delayed financing?