Most importantly, I need an education on the due diligence and paperwork needed to safely do this

However, when it comes down to the operating agreement and ownership interest in the entity (which was solely created for the deal), how much is safe to allocate to each member category without giving away too much control to limited partners?

@Holly Williams yeah definitely too small for syndication was just curious for future transactions.

If anything I hope to gain more knowledge in dealing with the large $10 mil plus transactions so I can develop confidence and comfort going forward. 

From talking to brokers in the area, transaction volume has increased significantly in the past year for small multifamily.

. - The unit has drywall in the unit that is falling down from the ceiling and may not be a safe place to live. - We want the tenant gone.

Then you have a lower payment and no pressure to ever refi out of it or just fax and sell and payoff and repeat.In you example if the sale price was 100k and you needed just 10k for rehab then it a 110k transaction which means a 15% down payment is 16,500.

I analyzed the property and when I determined their payoff and my comfort with exposure, I anchored them with a purchase price below their mortgage payoff if I was to do the flip myself knowing they would say no, but I had built rapport with them and new I was still safe.

Read the forums, blogs, and books, Listen to the podcasts, Network, and be prepared for when you return.God bless and stay safe!

I think it's a relatively safe bet, given the current market value, expected population growth, etc.