After hiring an attorney and tracking down the original developer (which was pure luck) who wrote the covenants, we were able to get an affidavit from him stating that his intent was in fact to permit short term rentals.

We have built a very strong track record with our bank and we have a great relationship with them so they financed the purchase and the rehab costs as a construction loan.

Admittedly, I haven't done much research on the real data of such events but I have seen the destruction these things are capable of and the potential damage to the property in a still rare but possible nightmare scenario for a landlord.

I have a joint venture agreement I can send you that we use with our money partners, it can easily be adjusted for the terms you are seeking but it will get you on the right track as far as what you should be looking for.IF his numbers are correct, you are all it at 74%ARV and on such a small deal, that is really not a lot of room.

I currently own 3 properties and I am quickly realizing that I don't have the proper systems in place to keep track of who owns what with regards to cash flow and revenues.

Best,Alice Make sure your partner has experience and a successful track record flipping or doing renovation work before you partner.  50/50 could be a fair split if everything is as you describe.

Tracking all that the MLS is definitely not one of the first places people should look to for deals as it is more retail as you alluded to.

An investigator to track those people?

It's been predicted so many times, I lost track of when it actually happened. 

The land has RR tracks on one side which make me doubt trying to reestablish a HMP.