Hi Thomas - I have a guy who has done a lot of work for me that I'd strongly recommend.

I have 20+ years experience in analyses of business deals, and would like to find a associate/partner to locate and rehab SFR. 

I'm seeking like minded investors that would be willing to partner with me in future deals; someone that I can learn from I look forward to networking with all of youThanks,Ishmael B

CAP was determined by talking with a contact who works as a multifamily broker here in San Diego and was told a safe number for beginning cost analysis would be 3.97%  Now to my question, my partner and I have different thoughts as to the first letter to send to the ownership.  

If I was you, I would seek out a small local bank & try to obtain a commercial loan for each property you want to buy  .If you can't do that then I would seek out private money from somebody that you know or know of.I would also strongly suggest trying to get the owner to finance if you can.There are lots of ways to get money, but hard money lenders should probably be your last choice.  

In this case, you'll split a profit of about $39k or 9.6% of the ARV.Either way, I strongly suggest you learn how to evaluate a flip, including all expenses (which the BP spreadsheet misses), not overpay, and not try to borrow every last dime.

@Cee Jay,If you feel that strongly about it, start lining up your funding sources now and when the market tanks, buy like crazy!

It all depends how much of your own funds you have available and whether you would be willing to partner up with others.

You can usually use the "subject to partner's inspection" clause.

I'm a realtor investor in Kansas City I can tell you we have a strong market here with some great income potential