We recently (yesterday) fell out of contract with a buyer who was going to purchase the place for $211,000.. after closing costs, giving us a nice profit of +- $70,000.

Legally I can't pay him out of my commission in Fl but he is willing to give me a portion of the profit when a home is bought and sold using his money.  

The majority of the house has ceiling tiles that need to go.

In this hot market there is always someone who misses a few grand here and there and someone who can do it cheaper and someone who has lower profit margins.

@Kyle CarpenterYou would have to self manage this as a property mgr would eat all the profit.  

You still look good on paper (cash flow), you can still pay it off in 15 years if you want, you have risk mitigation if the market goes down, and banks like to see profit rather than losses.

Corey,I believe the areas you are targetting have major potention in the long term.  

Flip2freedom episode 77http://www.flip2freedom.com/a-3-step-formula-to-a-successful-balanced-and-insanely-profitable-2012/ - LISTEN TO THIS TODAY!

I've looked at several ways to incorporate deals but the majority of sellers want a loan from the bank.

Hi Paul,I'm a proud eastern NC native, but must admit that eastern NC is a very different animal from the major NC markets like Charlotte, Triad, and the Triangle.