They don't have a plan, they don't have their financial affairs organized, they don't have their team assembled, they don't know what kinds of properties they want--that's right, they don't have their poop in a group.

I came across a property I found would work financially for only $28,000.

They don't have a plan, they don't have their financial affairs organized, they don't have their team assembled, they don't know what kinds of properties they want--that's right, they don't have their poop in a group.

If the interior condition is great, we could potentially get $150k (although this is unlikely).So for the financials, we've put in $60k originally + $11k for taxes and to make the first current.

Jeremiah, here's my advice in a five-year plan so A) is patience:Year 1) start a single-member home-business LLC for FREE using bank bonusesYear 1-2) build a 720-800 FICO for FREEYear 1-3) season the LLC for FREE and target a 80 PAYDEXYear 1-4) save some cash by cutting back for a few yearsYear 4) study 10,000 properties for FREE and build a teamYear 5) target a small starter commercial project (4 units or more)using the LLC PAYDEX and 800 FICO when it's a buyer's marketrelying on good financials for the property more than your job6) rinse and repeat and SKIP RESIDENTIAL!!!

Is there any action I have to take or paperwork I have to file now?

Come up with a game plan, find a way to generate leads weather that be driving for dollars, buying lead list, direct mailing etc. then take action.

Clearly define who has what role and what financial and day to day responsibility each of you has. 

With the financial recourses I have, patterning up with someone to take on the first rental/flip would be a great way to learn as much as possible.

That’s what it’s for...your full financials for taxes, investors, etc.