That's assuming the place is livable after purging all this guy's junk (I'm just assuming the producers of "Hoarders" would gladly film an episode here).Now who is the seller in this case--the fiduciary attorney, i.e. who was appointed by the Probate Court to represent the estate of the deceased?  

However at the 17 million they were actually producing MORE total profit.

Do yourself a huge favor find a good mentor, watch them produce find a sweet spot that they operate in.  

I would say that at all times, things need to be kept as straight forward as possible.For his split of profits - He finds, fixes, and manages… For your split of profits - You buy, use your money, and credit to get loans…He pays rent just as any other tenant does, you split the profits as agreed on, and when selling the property… Maybe once you get 10-15 units that are producing income, then maybe you can talk about free rent… But on the first one, I don’t think so… Also, should there be problems… i.e. the Partnership does not work out… There will already be enough problems to deal with… And if he is living in a unit for free, rather than with a rental agreement as a tenant, it will be next to impossible to get his to leave.

A handful of Agents in my area (LA county) hold most of the REO listings (incredible.)

You could find incredible deals here in South Florida.

PM me and I'll give you the name and author.The auctions for us has produced a huge buyer's list.

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Plus incredibly profitable if you know what your doing.

I'm so happy that you've found the site to be incredibly helpful, and I hope that it proves to bring you success in your investing.We can definitely use enthusiastic members like you to help motivate others on the site who are getting started.