Hi There BP!I first heard about wholesaling a little over two months ago, just randomly via a podcast hosted by Sean Terry.As a realtor, I had never heard of this before! And to be honest, neither had my broker or any...

(And please let us know your conclusions along the way, for assistance).

Conclusion....If the neighborhood has other multi's trading at similar or lower cap rates then I would look at buying it but I wouldn't spend $30k to improve the units.

Were you able to come to a conclusion with this issue?  

(My idea for the partnership would depend on two scenarios - we have not sat down yet and came to a solid conclusion at this juncture, however option one would be he stays in the long haul - I help finance the deal, take care of that side, put in my sweat equity/management where I can, then take care of lease out, property mgmt - we'd split equity 50/50 - second option would be for his exit at a pre-determined point in time.... cash out refi - and he gets 50% of the equity - walks away or keeps a percentage of equity leave some cash in the deal etc)Am I out on cloud 9 as far as getting build cost down to $50/sq ft or so?  

After i informed her it would take me 1-2 business days to check all background/references on their applications, she still texted me at night on the very same day asking me what's my conclusion. 

So who knows where I will end up.I have been researching the topic of "Who to work for as an agent" and came to the conclusion that I need to find a brokerage that offers lots of resources, classes, wisdom, room to grow and reasonable terms. 

I actually learned about expected value in my past professional life as a control systems engineer designing Extended Kalman Filters (you can google it if you like), not blackjack ... 2 vastly different paths that lead to the same exact conclusion :). 

I came to the same conclusion as well about making them purchase the house with their own money. 

Not suggesting the 50% rule is the gospel, but it certainly supports the conclusion your expenses are too low.