So all it took for me to become ethical was a couple grand in loan fees?

An 8% preferred is nice, but upon sale if the sponsor is taking 50% of the profits, plus they get 2% acquisition fee, 2% disposition fee 1% management fee and half of the profits your IRR will be lower.  

1. get deals flowing from wholesalers2. do your own deal research3. find houses that need a lot of TLC4. make sure you have a true comp (more is better) within 1 mile of your subject property that justify a good ARV5. run the rehab numbers w/ someone who really knows contracting6. build in a robust timeperiod to rehab and sale, along with contingencies for time and rehab7. get the best hard money deal you can get8. take into account all of your acquisition fees, escrow, title, HML points, etc...and selling fees (agent comm, taxes, title, etc)9. make sure you can at least make %10 NET of your sell price (so if you sell the home for $500k, your numbers should have you at $50k+ net profit in your pocket when you close and everyone else is paid.Onward!

Then if your lease is worded properly you can apply the next rental payment to that amount and charge them a late fee on the rent.Get a lawyer to review all contracts before signing one or offering a lease to someone else.

I know you guys need to a lot more info about the property, but as a ball park, what might be a good whole fee or equity percentage for a finders fee.

It's going to be closer to 1700 then 1500 if you factor in insurance/taxes... then figure prop mgmt fee (75% of first mo/renewal, 10% ea mo after) that's going to get you close to break even.

In order to get positive cash flow, I'd have to stretch the rent amount just to break even.Another financing option would be to re-fi the condo again, basically re-finance remaining $66,000 amount with 20% down @ 5% on a 30-yr fixed:Rent Summary: I'd have to re-fi & put 20% down in order to have good CoC return (down payment + improvements + agent fee + closing costs), as well as a positive, somewhat plausible cash flow.

I am not going to go through a lawyer, the rent is not much, so its not worth trying to drag them to court or collect back rent, and it would cost me more in attorney's fee's than it's worth.   

I know a good baseline in determining your MAO is by using the formula MAO = (ARV x Investor Discount) - Repairs -Closing Cost - Assignment Fee.

Also, if I have enough room in my deal to pay a real estate agent to help me close, I will pay them a set fee to help me close on the property.