My strengths include organization, computers, communication and I also like to believe that I take well with other professional individuals.

None of them have an exclusive with me, sometimes they buy FSBO/Auction/Estate attorneys, but we stay in communication.

The property should be able to communicate with you as needed, trust-worthy, and have a clear idea about market knowledge! 

@Idan Narotzki Careful screening, strong lease (and strong enforcement of it), diligent move-in/move out checklist (so they know you’re paying attention), large security deposit (I ask for double 1 month rent amount which in my area means $3-5k), avoid Class C-/D, find a good collections agency that will work on contingency basis, make your units as tenant-proof as possible with inexpensive yet durable materials, hold plenty in reserve funds, set proper expectations, communicate well but firmly and treat tenants fairly and professionally, and be willing to clean up a mess and fix things occasionally rather than pay a company thousands to do it for you.

quit claim will transfer ownership rights, but it may negate some or all of the provisions of a title insurance policy. 

Communicate to the owner that the price of you RELEASING the Lis Pendens is $10K plus the document prep and filing fees involved.3. 

If it appraises for less than the contract price and the buyer has an executed Appraisal Contingency as part of the contract, then the appraised value would be communicated to the seller to allow the buyer to walk with return of full escrow. 

There is almost no amount of money that I would trade for my time in college and the 25 years of friendships afterwards with my college friends.And I did learn a lot too...language, math, reading, writing, speech, economics, marketing, accounting, psychology, business law, communication, etc...education that I use every day and continue to build on.There are plenty of affordable colleges where you can learn this stuff efficiently. 

*Pro tip - if you are able to walk the property before getting it under contract, line up and meet your property management company and general contractor at the home with you, to review and walk the property - this gives you a better idea of the home, and rough numbers, as well as giving your management company a better idea for the quality of rehab and better communication in general to further help with qualifying rents..etc. 

You need to make sure your friend is willing and knows he might loose some or all of the investment.