This deal didn't make it.  6.5  months later I  get into contract with what I thought was a different buyer, but it turns out the same party as last time hiding behind a LLC. 

If I have an interested party with the capital needed to fund a flip/buy and hold what does a typical agreement look like?

Again, I highly recommend being above board with both parties and have strong written agreements in place. 

Perhaps a nice 1950's built bungalow.Always hire a 3rd party property inspector to give you an unbiased feel for the home.

Just trying to understand the math, how much was the total payoff to all parties? 

John will probably tell you (my assumption based on what I believe his business model to be) you need to go with a larger / higher end SFH that can house lots of people in a party pad type model, that go for $500+ a night.

To make it a bit fun we could have little parties there sometimes or let relatives stay in one of the extra rooms.I was wondering if there are any tax benefits to doing this?

Making the 70% ARV offer minus repairs is the #1 rule, but what variations of offers have you guys made that made sense for all parties involved.

We are negotiating the best options for both parties here.

Your geographical location will not be a driving factor if you can source local third party management.