Your plan seems pretty good, but it involves risk with out of area rehabbing, and major dependence on your partner to make it work.

Aside from becoming familiar with leasing agreements, you will also find that you will come into contact with many people actively involved in RESebastian

Hey Jason...What about a Real Estate investment opp that doesn't involve all the messiness of "tenants and toilets", taking out loans/financing or rehabbing or construction or buildings of ANY kind?

I just won't deal with the attorney or broker involved again.

@Jordan Kissick Take action get involved and make offers.

However if its going down it's likely something you don't want to get involved in.

Combining acquisition and rehab financing at the LTV's we lend to, gets us both where we need to be, and we don't have to speculate on stability in the markets, job costs, completion date hiccups, etc. 

If you subordinate, you have taken steps to stabilize the property since now a majority of the old 12% debt is now at 6%.

I also don't want to get involved in a tangled web of complication as Karen noted since I think it will probably sell well in a complete stage.

If the property is listed, there will be a commission involved, other than that, it's basically the same.