I've been a part of the real estate industry for 14+ years now and have been involved in different real estate services to clients: commercial acquisitions, asset management, brokerage, and property management.This was my first time investing my own money outside of my state of residence.

Newark is a great market to get involved in, however you need to do your homework.

I have several SFH where I am actively involved in that whenever there is a problem I respond to repair the issue. 

.- The Sales Contract has an inspection date that expired and is still pitching it - There is not a paper trail of proper disclosure to all the parties involved regarding the wholesale fee, state disclosures, lead disclosures, etc.- There isn't verbiage regarding assignable of contract  - Sales Contract has the wrong Seller's name- Sales Contract is a copy from a local Realtor Board that has the Seller as the Brokerage name- The written offer dollar amount and the numerical dollar amount are different- Sales Contact has one out of the two Seller(s) on the contractI think I'll stop there...anyone else?

Most of those situations involve re-negotiating the purchase price, and putting a bit more money down.

Once you know all the costs involved, you will know if $70k is a good deal, or if it's too much.

Congratulations on your successes in the NFL, and if you ever decided to get involved in the Chicago market, feel free to reach out.

At the risk of being a tax practitioner on this thread correcting someone...you're actually supposed to report number of days the property was rented at fair market value on Schedule E.Software will examine the fair market rented (FMR) days and the relationship of the FMR days to the personal use days for treatment under Sec 280A (which involves personal use of rentals and properties rented less than 15 days).The tax treatment for a property available to rent 365 days during the tax year but rented 0 days is much different than a property rented at fair market rates for 365 days.

It sounds like it could be a good partnership... you do what you're good at, and find the deals, and he does what he's good at, taking care of the paperwork involved.

My father wants to put up half the money and be involved.