It's not that hard.You don't need to be an economics professor to start out with, you do need to begin by understanding the functions of economics to understand how valuations are formed for anything.

We have a hard money loan that we are refinancing with our husbands - the property has been rehabbed, its just not selling.  It is a unique property in Galveston and will take some time to find the right buyer.  Hinds...

I have a Spanish keyboard and this feature does not seem to function.

You just need to spell everything out in advance.The problem I see, is the dollar amount you are talking about will severely limit you in both buying power and length of time to go from deal to next deal.I would suggest that if you are looking to invest, and already contemplating a partnership, instead of going in on a new deal, go in on an existing one.  

How long will the property be functional without significant improvements?

That can backfire on you if you don't truly have a partner, your partnership needs to be established prior to contracting.

The seller told me he looks at it as a partnership. 

When it comes to Layouts function is important.

My competitive advantage is leveraging our partnership and looking for the properties that other investors don't want to touch. 

1) i don't know of a state where performing a real estate function for another is legal without a license...so i would love to know which states permit that2) if you dont have a lease agreement, then you could be considered a squatter and even if that does not apply...you most likely have no recourse3) improvements are explained in a lease agreement and most of the time require owner approval and no reimbursements - improve at your own riskgood post with many lessons to be learned/