I told him he has 24 hours to send me the remainder as I'm not floating a dollar for him given the state of the relationship.

I was used to dealing with one person for property management.

You don't want to rush to partner just to get your next property.If I was new again now and didn't have the capital to get my second one, I would go to every meetup in my area, meet other investors, and build relationships.

Tacking onto what @John Koster said, the POS ordinances can be tougher in certain cities than others and the tax rates in the burbs can turn a dream deal into a nightmare rather quickly.I'd find a knowledgeable agent who also invests and work with this person to learn the areas and see what fits your investing profile.

If you don't have really good existing relationships with tradespeople that sounds difficult to me unless all of this work is cookie cutter like flooring. 2.

Or you could buy a property from another person at the meetup.

If you were in Seattle you could not end this lease or month/month, no options at all, and you would be stuck with this person until they are carried out.

What is your personal situation?  

You could set up a “deferred down payment for 12 months” or have a stepped up down payment (so much per month until number is met) It's really whatever makes sense for the two of you.Things to consider, property taxes have to be paid, repairs have to be made, vacancies have to be accounted for, insurance has to be in the name of the person on title.

So the way I see it it's person's situation specific, as well as properties you have in your portfolio specific vs a specific amount.Good Luck!