Agree with Jeff above.

I know this may not be the answer most people agree with but...If ultimately only YOU are putting money in the deal and your 'partner' has no skin in the game, in the sense of MONEY/RISK.. then you shouldn't split profits at all.You should PAY HIM for handling the rehab.

Seller still owns the property and the JV agreement outlines how I put up the remodeling expense and then at the sale he gets X out of it (whatever our agreed price is) and I receive Y out of it (proceeds above seller's agreed price?)

I agree that in NJ the 1-2% rule is almost non-existent, unless you go to some areas that are less desirable for some (Paterson, Irvington, etc).

After negotiations, the seller just submitted his final over.Heres the deal:$154,900 purchase price and seller agreed to cover all closing costs.Monthly expensesMortgage: $840Taxes: $50Insurance: $225Flood insurance: $60Vacancy of 5%: $107Cap Ex: $172Total monthly expenses: $1454All 4 units generate $21503 units rented out with me in the 4th generate $16251st year cashflow: $171/monthAfter I move out and can rent out the 4th unit cashflow: $696/monthWhat do you guys think?

I would agree with many of the people here and state that the S Corp is not the place where to put your real estate for the most part.

You paid (a agreed price) for the job, why wouldn't you want it done as fast as possible?

The timeline is whatever you agree to.

If they do not agree then it is an easy pass since they are hiding something.I also google potential tenants and look them up on Facebook.Once you have done your homework then you can decide if you want to rent to this person.

My tenant wants to leave 1 month early and agreed to pay the last month's rent in full.