If you are just starting out you will probably need to ride someone else's coattails.Connect with some of the big players in this forum and offer to bring value. 

I wish I had the financial capability to invest at that time as you put it when "anyone's deadbeat cat" could make money in real estate.

If you think he has the capabilities to find the deal, help out doing or managing the rehab, and then running the property I'd give him 20-25% above what you'd normally give him for a wholesale fee in equity. 

There are good and bad players in the turnkey field like all other REI, as well as the competent & incompetent. 

I was never an all A or an all D student.Bring forth your, mid range occupancy, B and C properties that need some shining up and I'll make that baby look like a diamond in the rough.And I'm sure that only helps the A and D level players as well.

@Drew ByrdIf you look around the forums, all the large players agree that direct mail is still the best, scalable solution for a large funnel. 

The LLC Act in your state provides the framework.However, if you want things done right, with your best interests in mind, all questions answered, and future plans (such as adding additional players) covered appropriately, go with an attorney.

It's vitally important to know who you are working with, and have the history of the players involved.

But maybe there already is that capability and I'm just a newbie.Details: The property is currently listed for $229k but hasn't sold at that price for several months.

chasing tapes unless your a proven player in the industry with deep industry connections is a waste of time generally and its usually a big broker daisy chain of folks that for the life of me I can't figure out why they waste their time.I learned this years ago.. we even put 5 million in cash into escrow to buy a tape and could never get it to close.. and so I know I am not connected well enough to get to the actual sellers.. way easier ways to make money. its all about who you know.