You will always have late pays and evictions.

take these #'s for exampleARV=200KPurchase price of home = 100KAfter figuring all of the soft, closing, title, taxes, insurance, points paid, Interest for 1 year and the draw interest...I calculated that you would have around 17K to work with in rehabing the home within the loan and you may have to come out of pocket to finish it.... and you haven't even paid the sell side closing costs and broker fee.Just my $.02

I had it rented to kids from the college almost as soon as I finished the rehab and sold it 4 or 5 months later to an investor who wanted to hold it as a long term rental.

I bought the land in May 2005 and plan to sell the finished home in January 2007.

I just finished creating a website to match up investors with foreclosures and pre-foreclosures.

After you finish remodeling a house...no one knows more than you do about that house.

If I wanted to stretch myself thin like so many before me in the late 80's and even in recent years, I would not take on investors/partners.

Lately, being the last couple years, I ahve been approached y newer investors and older investors from out of my area as well as in my area wanting to make investments with money and people that are unknown ton me.

Obviously you will need to make sure you have access, either through financing or cash, to enough money to finish the actual remodel project.

If you can afford then I would include a bonus of say $1,000 or $500 dollars if he finishes the work ahead of schedule.