I've gotten my best deals during the holiday seasons on properties that sat on the market for 6 months and I've lost the most money trying to raise properties from the grave.

I found the dealI tied up the contractI performed some pre-closing due diligence (about $15,000)I will project manage, bid out the deal, work with architects, GC’s, engineers, etc.Numerous meetings with contractors and architects to dateInvestor will put up ALL equity required to buy the landWe will raise additional equity for renovation 50-50. 

Great school system/community- 2 buildings- 6 units in each building- 2 Bed 1 Bath units-1000 sq ft per unit, appliances included, washer/dryer hookups in each unit- built in 1998 so fairly knew-Rent Roll is low and will need to be raised- Currently at 590$ per unit - Very low vacancy rate in the 15 years the owner has had them- New roofs, Air conditioners-Building structure seems very good.- Another plus is that I own 16 units just down the street so the location for me is helpful.His initial asking price was 650k and now he is thinking he needs to be at 700k.

Matt Faircloth's book on Raising Private Capital from BP is very good on this topic.

He is not going to invest into the business, I am bringing him in just for the above reason (tax return for the LLC), hence why he's getting just 5%, and I can I go as low as 1% (if that wont raise a red flag to the IRS).Now, I am not sure if we should be 5/95 percent partners on the Holding LLC, and Holding LLC with own 100% of the management LLC or I should be single member on HOlding LLC and he comes in as a member with 5% on the management LLC and the 95% be owned by my single memember HOlding LLC?

@Corey StevensYou need to find a neglected property that you can rehab and raise rents.

Say if I held a property for 5 years, raised the rents and increased the NOI while appreciation in the area was 5% YOY.

Folks in professions like yours need to talk to your unions, or whatever, and get pay raises in exchange for the per diem being reduced. 

This is the person who finds property, identifies the goals of a project, decides what to build there (amongst many, many options) to maximize for those goals, raises the money, hires the team, holds people accountable for timelines and commitments, negotiates contracts, solves the problems, and overall sees it through. 

If the driveway- garage differential is big (for example, the driveway slab is sunken and you need to raise the house, you'll end up with an even bigger gap after repair) you might need to replace the driveway. $$$$8.