I too have s GSD-wonderful dog most of the time!

If this is your first investment property and you don't have local market experience, I would be extremely careful.

If it's in bad condition (foundation, roof, peeling paint, unlivable)  the bank won't lend on it, so be careful there.

I see a lot of newer agents if they don't have a warm market or sphere to tap into.. they will get on a big producers team.. this can jump start you.out our way agencies have lead creation systems and will literally hand you web leads for listings or sales.My wife had taken a few year hiatus and to kind of jump start ( her normal business is referrals) but she wanted to work some leads and get going and it worked very well she made many sales and got a few listing which in this market is simply money in the bank. find your niche.. and remember 95% of agents all try the same thing.. you may want to specialize.. and commerical agents though dog tough to start if you make it.. its a really good business once your established.

Take care of the property as you normally would.

Be careful when a seller is just providing "estimated" expense.

Long-term I am looking for a contractor who I can take care of construction, while I focus on sourcing deals and raising capital.  

You can try to have the buyer take care of the commission or reimburse you for the closing costs or something.

You should be careful with letting tenants breaks terms of the lease.

We do have a lawyer lined up who should be able to take care of that aspect, so that's good to know.In terms of the structure you proposed, I just have a couple follow up questions to make sure I understand properly:1) If the investor pays us $50,000, we would offer to pay him a preferred return of $3,000 per year from the monthly income we receive?