I think splitting the profits is fine as long as your partner has worked out how much the labor will cost.

My understanding in Maryland the seller provides the buyer with a copy of the COA papers at least 21 days prior to settlement and you have up to 7 days to review and pull out of the contract if you don't agree to the terms.  

The next day I get a text, that a “family member” just happened to stop by and noticed “new temporary” visitors in the bottom apartment and there are new laws in the city starting June 1st for short term rentals.

But you can also re-sign them to your lease too-I try to resign the tenant to my lease on my terms.

You will want to, at a minimum, conduct pre-move-in, mid-term, and move-out inspections.

Most require skin in the game on deals and work like this:Rates: 10% to 14% (Most Deals are 12%)Terms: 1 Day - 24 Months (Most Deals are 6 months)Fees: 2-5 points(%) of loan amount paid at closing (Most Deals are 3 points(%))Minimum Loan Amount: $50,000 Max Loan: 65-70% of After Repair Value(ARV) 100% Rehab Financing Available (Most Deals require 20% of purchase price down payment or cross-collateral)Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 10 business days)NO PRIMARY RESIDENCES, NON-OWNER OCCUPIED ONLY, BUSINESS AND COMMERCIAL USE ONLY.

Otherwise a typical DSCR loan based on market long term rents should be sufficient to qualify? 

He is specifically interested in knowing what specific time/administrative labor investments come with being a "passive" investor.1.

Does anyone know where to find list of pre-foreclosures and foreclosures in the area of Georgetown and Austin, Texas? 

Short term/vacation rentals interest me, but I'm open to learning as much as I can about anything at this stage.