My thought is to pay out the owner in 2 years, hold for another 3 while fixing it up out of cash flow, and sell for a nice profit after 5 years.As always, any input is greatly appreciated!

Most wholesalers think they have a good deal when: ARV=80K, Rehab=20K, and they have it under contract for 50K, all they see is 10K profits. 

The MHP game is not as easy and profitable as the Guru's lead you on to believe.

I am waiting for insurance money to repair the fire damaged property.Can anyone suggest a way that a JV could be implemented in order for me to get:1) $350k upfront for my venture,2) get value for the insurance for the repairs3) after repairs sell the property pay off the mortgage and split the profit and give the investor about $200k for the $350k investment (plus repair cost)Just to want to know if there is a legal mechanism to do this.

I am not sure if this is the right number to use this because one of the major advantages in the subject property is it is 7 minutes from a major train station that takes people into New York or Philly and this is extremely valuable.

@Thorney GibsonWhether you own 2 units or 20 units, amount of work is same, but profit is much bigger.

In the meantime, I'd suggest teaming up with an experienced investor (for a profit-kicker on your next few deals) to simply leverage their experience as part of your team for that deal and to include them in your underwriting package (your lender pitch).

@Kasan Kelley Ive always had a love for Real estate as well i went to a Vocational high school and my major was carpentry so i have a small background in the construction aspect of real estate but just like you said i was always one of the ones that thought it takes money to make money as well lol.

What is the typical % of profit split in this type of scenario?

It isn't really about small multifamily but just multifamily in general but the best book I have read on the subject is Wheelbarrow Profits by Gino Barbaro who is a very active member here on the forums.