With this particular deal even with splitting the cash flow 50/50 it would still be worthwhile for a partnership. 

If I was inexperienced it would be about 60$/sqft... usually rehabs are 50-75$/sqft, this means full gut rehabs or just regular rehabs.

- In terms of market due diligence, what is an optimal target population, what percentage of such demographic should be 50+(or if that needs to be of higher age), and what about net worth/income?

Read up on the 50% rule...with vacancy, maintenance, Capex, etc you're losing money even with it rented at $1500 per month.IMO I would pass because it's not a good deal to start with, sorry.

Bremner..I think we have some common characteristics :) When you found your first property- I'm sure you used the 70% Rule to analyze the deal- right? 

If I put down 50% and he puts down 50%, where and how do the funds join together and get transferred for the purchase.Once the house is purchased, what costs must be taken into account?

Are we able to co-own a property 50/50 and still qualify for an FHA loan?

I would think most GC s will gravitate to insurance work then work backwards.. and us fix and flip guys who need best pricing possible will be last on their list.That no license rule is a thorn in my side too.

The three touch rule, although a good idea, is not an actual rule or law.

I want to buy another property with bank financing once again, and I am not a DIY guy, so that rules out foreclosures where one pays cash sight unseen.