Depending on what kind of neighborhoods you want to invest in you can but they will be C to D level areas. 

You might want to see this:  https://hudsoncountyview.com/w...Indicates that it may be in late stages of a Ponzi scheme if they are really over prescribing their properties to investors.I'm barely into the accredited status and won't take that kind of risk.

And they will be making sure that each and every tenant will be responsible for damages and so forth.I told him I  am interested but need some time to think on it meanwhile he needs to get permission from his boss.Does anybody has any experience with this kind of a situation?

It brings out the vultures.Tip#2 Turnkeys: You kind of answered your own question.

I am going to kind of agree with what @James Wise stated and encourage you to skip wholesaling. 

There are different kinds of listing agreements.

I’m not sure what kind of budget you have.  

Maybe you are referring to actually having to have a cash outflow when it was not desired.Maybe draft the partnership interest in such a way to mitigate this kind of situations. 

It's kind of cool as I get to see accounting in real life.In regards to your questions l, the IRS issued new regulations about capitalization of assets, and capitalization falls into four categories, Betterment, Improvement, Adaptation or Restoration.

Or can I just meet up with all the parties and create some kind of contract?