@Darren Lenick or anyone else following this thread with interest in NW Orange and Lake Counties feel free to come if in the area whenever we eventually decide on a day that works for all. 

I can provide you with more info on that and give you a referral to a good attorney specializing in asset protection and partnership structuring.Before proceeding, I suggest to have all or most of following questions clarified:Joint Ventures – checklist / questionnaireBefore you can start to set up the legal framework, there are various issues that need to be addressed.

The rest of my depreciation (the leftover $30,000, that's $40,000 - $10,000) will follow along with the new property I purchased.  

No closing, origination or 3rd party fees.So I see it as follows.

The gap between the ARV and buy price is very low, a key principle I follow is if that gap is $120k so that there’s more profits for you as the wholesaler and for the rehabber.

If you want to be considered for the show, fill out the form at www.biggerpockets.com/guest.And I'm following this thread to see what people want to hear about...

See the following link: https://www.meetup.com/Inland-Empire-Real-Estate-Investment-Club/Hope to see you there!

I received some amazing feedback in another discussion I started here:https://www.biggerpockets.com/forums/432/topics/584285All the advice I received was great and I'd like to give a warm thanks to everyone who responded.So as a follow-up, I just thought I'd post a more direct question with actual figures.

There are several viable strategies available to you, you just have to pick the one that works best for your personality and follow through.Some say pay the highest interest debt off first, then the second highest and so on.Others say pay the lowest balance debt off first, the the second lowest and so on.With your free $1,000 a month you could choose to put it all towards debt pay down, or use less than all if it for debt payments and the rest for saving and investing.Personally I paid my lowest balance debts off first (now I only have one left) and I have always saved and invested so I have funds for opportunities that present themselves.

If and when I do I always ask then for a good review and do follow up afterwards if they haven't submitted a review within a week I will send them a friendly reminder.