Then have them sell you their beneficial interest. 

Its really your choice.

I want to help him realize he has three choices... 1) Take out another loan on the place and make over $60K in repairs to sell with a realtor, whom will take at least $25K in commission.

If I move forward, I don't think I have any choice but to handle the property myself.In regards to maintenance.

Its your choice and no one elses.

If I didn't know the area, myself, but wanted an accurate market analysis, my first choice (if I knew them and they wanted to help me) would be a seasoned investor actively working in the area.

Local meetups will also be very beneficial in finding deals and building connections

Are my dress choices sound or will they repel potential leads?

1) find a property that would make a great rental property2) purchase and refurb3) get tenant's in place4) put it on the market to see if I can get a good price for it and make a nice profit5) if so great, if not... just hold it as a rental property making passive incomeI mean logically, this makes sense to me. 1st choice: make a good profit off it to get more money in the bank. 2nd choice: hold for consistent passive income.

We are looking to establish relationships that can be mutually beneficial.