My main income is from rentals.

My main hesitation is that it is in a lower-income area.

The property is in the Oakhills school district (one of the better Highschools on the West side of town)@ EveryoneThanks everyone for the advice, I'm going to start making as many small changes/improvements as I can now with the intention of asking the current tenants to leave after their lease expires.

I guess my intentions for partnering with him will be considered syndicating, what should I ask for as far as percentages and what should I offer such as time or managing the property? 

My intention is to align myself with dialed-in colleagues, learn, progress and of course make some sales.

It is not taken care of at all, great colonial, and it's in the middle of my towns main street/downtown area surrounded by great houses. 

In search of my first flipping project, I have been beaten to the punch on 3 occasions now mainly because I believe other investors are finding out about these 'deals' prior to it getting to me or my agent through local wholesalers.

Mainly because syndicators who advertise deals are so far above the average investor that they arent going to need your help. 

Unless the seller was intentionally hiding a material defect that he was aware of at the time I don't think you'll have much recourse as you likely had an opportunity to perform due diligence inspections prior to the sale.

My intention of paying cash for at least my initial property is that I am in the process of raising my credit score.