Part of us really wants to take on the challenges and if it doesn’t work as a rental, using he $100k budget then we just modify strategies to a flip where we should have plenty of runway to break even.

To spend enough to cover the sale price on what would probably be 3 properties if I bought smaller, as I like to buy distressed units, finding 3 deals within the allotted 45 days woukd be a challenge IMO.

The partner’s sons will not trouble you much, but look out that some boys poorer, much poorer than yourselves, whose parents cannot afford to give them the advantages of a course in this institute, advantages which should give you a decided lead in the race–look out that such boys do not challenge you at the post and pass you at the grand stand.

I've been a Bigger Pockets fan/listener for a while now but it's time to finally engage and get off the sidelines. 

But just know there are more liabilities for you if you engage with public as a real estate licensee.

However, this is more of a hospitality business and requires much more engagement from you guys.

I would say if they contest it, you might be in for a challenging time proving it was them and they are responsible for damages.

@Tim Gordon and @Isaac Barrow, what is it about finding off-market deals that you guys have found challenging?

Engage a local investor realtor who can show comps for turnkey properties and suggest you MLS or off market listings that you can rent. 

One of the challenges in nailing down a price per foot right now is two fold - everyone has a different idea of the "cost" to build - some will just include the hard number, others provide the all inclusive (demo to doorbell) soft and hard costs - everything excluding land, closing and financing costs.