I also read through a number of legal articles, paper, the Texas Property Code, etc. and I can't find anything specifically relating to how we gain an interpretation of this from someone empowered to do so.

If lower -- say 10% -- then you would be looking at a value close to 270k.Your real profit, of course, is the difference between what you can sell it for after re-hab (net costs of sale such as commission, legal fees, conveyance tax and also cap gain tax) less what you have into it -- purchase price, rehab costs, and all carrying costs during re-hab (such as mortgage interest, prop tax, insurance).

General admin: not much in the small props, but it costs for the evictions, accounting, legal.

Expenses such as damage, clean up, re-rent marketing, legal eviction, etc.

Yes, you need an attorney, don't even attempt to do this on your own, there are many issues and requires legal aspects, lending/finance as well as insurance issues.

Make sure you get it reviewed to ensure it's legal in your state.http://www.biggerpockets.com/renewsblog/2010/02/17/whats-in-a-contract-contractors-rehabbing-real-estate/

I would consult legal counsel before acting but I respectfully disagree to say it is an SEC violation per se to mail to a private money list.True if you offer a specific percentage return or offer participation in a specific deal you may NOT legally do so.

A legal contract eliminates the gray area and spells out expectations and responsibilities of each partner.

Your property is inspected and approved, based on local rents they will tell you what the place qualifies for, you can charge more, but the tenant can't pay more than 33% of gmi and yes, you don't have to rent to any applicant, you can reject applicants so long as you do so legally and fairly.

(avoids probate complications and maybe estate tax, if that is a concern... not for me)However, since they are in an LLC in my name, I don't know if it affects my ability to do so... any thoughts.http://www.transfer-on-death-deeds.com/transfer-on-death-deeds.com/Home.htmlhttp://www.nolo.com/legal-encyclopedia/free-books/avoid-probate-book/chapter5-1.html