I use a master Joint Venture agreement that outlines the arrangement.

Obviously this is a very general outline because I'm always scouring for properties.

So if you have a property in mind, find out what the rents are for 1,2,3 bedrooms and follow the steps Nicholas has outlined above. 

Not sure how many rehabs you've done, but you might be fine on the timeline you outlined due to the rehab taking more time than you are budgeting.  

Outline of the deal:SF: 93,461PP: $4,050,000 ($43.33psf)Capex: $508,000Title & Survey: $16,000Broker's Commission: $101,250 (2.5%)Total Acquisition Cost $4,687,654 Equity $1,875,016Loan Amount $2,812,593Loan Costs 1.00%LTC 60%Interest OnlyInterest Rate 3.50%Going-in Cap: 7.73% at 66% occupancyGeneral Vacancy: 8%Market Rent Growth: 3%Exit Cap: 8.5%3 Year HoldResidual: $54.64psfUnlevered IRR: 9.1%Levered IRR: 15.5%Equity Multiple: 1.47

An article recently outlined that the Chinese investors in US real estate are now trying to sell their properties.

If you don't have time to read the whole book, I recommend listening to the podcast that outlines the main points (episode 223) or search the blog for similar content. 

Due to the describe issues with the contract, I wrote the contractor outlining the fact that the remaining work to be completed exceeded the balance owed, and that we would rather end the contract now and move forward with another contractor.He had tentatively agreed to this, but when he discovered that his tools were missing he threatened to place a lien on the property for $3900 this week.

As mentioned before, if you go a little farther, outside of city limits and outside of an HOA/POA then you should be fine as less regulations will apply but you would have to read the verbiage in the deeds which will outline the restrictions set for every piece of property.

lolBased on the items you've outlined in your repair list, methinks $24k is too high, but if that makes you feel better, so be it.