Have a clear understanding of your expected cash flow, ROI, and exit strategy.

Also, the tax benefits you expect might be over-hyped: https://www.biggerpockets.com/forums/51/topics/1075919-five-...Figuring our whether there is a useful tax strategy in your situation would take a one-on-one consultation with an experienced tax strategist, and here is how to find one: https://www.biggerpockets.com/forums/51/topics/1222774-expla... 

If you're not putting anything in, then I'd expect that your friend would want to get all of their capital back before you start splitting up the distributions.

I expect my cash on cash return to be over 90%.

I reached out to the individual marketing the deal to schedule a property viewing, but they’re asking for proof of funds (which I expected) and a signed purchase agreement or LOI.Is this normal?

Expected sale price?

Broken glass lantern by the pool, smoke detector hanging in hallway, broken ceiling light in the bedroom, face plates missing or missing screws.

How are you adapting your renovations to meet buyer expectations?

I expect the economy to recover quickly under new leadership. 

This sets the right expectations.