(My idea for the partnership would depend on two scenarios - we have not sat down yet and came to a solid conclusion at this juncture, however option one would be he stays in the long haul - I help finance the deal, take care of that side, put in my sweat equity/management where I can, then take care of lease out, property mgmt - we'd split equity 50/50 - second option would be for his exit at a pre-determined point in time.... cash out refi - and he gets 50% of the equity - walks away or keeps a percentage of equity leave some cash in the deal etc)Am I out on cloud 9 as far as getting build cost down to $50/sq ft or so?  

Working on servers, rolling out updates, fixing issues reported by clients is just amazing.

If you incorporate and they sue, they can still roll you back for up to a couple of years.Wise man saying: Mitigation is good, addressing the direct problem is gooder  ;)

Get a pre-approval letter and hire an experienced and good Team.  

Question is, how do I get that ball rolling?

Same house now priced in $100k - $120k pre-rehab price range.

If you are financing please get a pre -approval letter to submit a copy of it with your offer and explain to the owner why you are lower than his asking price and make sure they understand everything.  

Pre 2008 hubby enjoyed the Fix & Flip projects. 

No big issues so far, responsible tenants and rents rolling in on time.

A pre-approval letter from a financier is important and you can submit a copy to the seller.