I found the seller through my postcard marketing which originally is aimed at wholesaling, buy and hold myself, or last resort list as agent.

'Cash is King' as it shows health in a business.Sure there is interest over the long haul, however aiming for equity build up over an extended period like 15 years could coincide with a market crash and as they have said 'you cant eat equity"

Avoid the rent control areas and focus on areas that can provide a 7+ cap rate (instead of aiming for 10+).Have you focused your search only on the west side or any part of the county.

Agents who insure REOs and do builders risk policies at the guys to go to.

Thanks @Steven Hamilton II It seems that we would then need a good insurance policy to go along with the partnership, since we wouldn't be getting the liability protection provided by an LLC.

I believe in maximizing your liability coverage (I have a million dollar policy), know your states tenant laws and follow them, and finally don't be a slum lord.

Rob K. has a policy of not renting to anybody who has been party to a lawsuit involving a landlord.

Roe Institute for Economic Policy Studies, the proposed bill will, “Allow private investors to price their own risk knowing that their losses are capped, thus leading to more risk taking.

Half the time this solves the problem because it lets the tenant know that they don't call the shots- there are policies and procedures in place that they have to follow.

The owner is at risk for workmen's comp matters as well as you in supervising work.In Missouri as well as other states, an installment sale is more acceptable as far as holding an ownership interest, building permits are easily obtained as you can call yourself "an owner", you have an insurable interest for policies, material suppliers recognize your authority to encumber title with respect to liens in the event they aren't paid, the seller is released of liabilities as you will be considered the owner.