Originally posted by @Wayne Igo:So I have no real world experience, I only have knowledge obtained throughout my studies and research I have conducted.

Study the comps in the area and determine what a rehabbed house will sell for.

Personally, I'm a Self-Storage Guy, so I'd perform a basic feasibility study to see if Self Storage Would work in this market, and if not, then pursue a conversion to the larger units.  

He's studying right along with his dad & I and we're taking him with us often to look at properties. 

How much cash reserve one should maintain is up for debate but, from my experience, most investors agree a minimum cash reserve of 5K (emphasis on "minimum") after closing, which you should budget 5k for. 

But before you partner, do some studying on partnering & how you vet a potential partner & what safeguards you need for the little cash that you have.Consider becoming a property finder.  

However, look at all the major sites and study the calendars for occupancy.

So even with all the profit/loss passing through, we still pay $250 to maintain the LLC's status. 

However, since you're an attorney and probably have access to case studies.  

Property is currently maintained by property manager/Realtor so every thing is up to date.