- you make 50% of the net profit - that is net less advertising or expensive - so if the expenses are $1,000 you would make $9,500.00 and I would make the same.The expenses are usually the cost of advertising the property for sale.So............... it you are ready to begin creating leads - this is what I suggest you do ---Farm neighborhoods to look for FSBO's, send me as many expired listings as you can in the neighborhoods where we are going to invest, Go to housing court 2-3 times a week to listen to the cases and meet landlords after their case is called, run some ads in the local papers (I will design the ad for you), get me a list of all the local auctioneers in the community, put flyers on super market bulletin boards, ask 5 people a day if they know of anyone interested in selling their real estate.Look for commercial and business real estate for sale - get me all that information and we'll make a call to get information and make them an offer (you present the offer for us)Later in the "Mentor - Apprentice relationship we will advertise on radio.Any questions?

If you go forward I would suggest you both agree to a value before anyone starts painting and put it in writing. 

If anyone here has any suggested reading, I would really appreciate it!  

At $600/month and using 50% for expenses, suggests around $30,000, but going in if it takes dollars to renovate, to be rentable, you may need to offer less or look at raising the rent as soon as possible to make it return more for you.

This elderly gentleman said that the property has served him well for many years and it was time to hand it over to some else.The property is in pretty bad shape so my team and myself have decided to fix it up and give it to someone else in need for ZERO dollars also.I was hoping that you could point me in the right direction of how I can do something like this and to who I should give this house.I really want to give it to someone that has been suffering for a long time and is need of a home.Thanks so much and I’m really looking forward to your suggestions so please comment below and let me know your thoughts.

any suggestions for someone who put  an offer on a property, based on the loan terms laid out by him?

I'd like to thank everyone for the advises/suggestions and wanted to give an update.  

I would suggest shopping around.  

@Daniel Dietz, I was going to suggest the seasoning, as well.

A little about my 22 year old self: I graduate May 2017 from North Carolina State University in Mechanical Engineering and a minor in Entrepreneurial Studies.