Total Monthly rents = $2,150Asking Price = $200,000Yearly taxes = $950All units are 2 bed 1 bath.Rent is slightly below market, could be raised $40-50 per unit.1960's construction, hard wood floors, brick exterior, new HVAC last year, seems to be in overall good condition (no deferred maintenance to speak of).

Raise the rents when you need to and if they are at a fair value for the market, there will be no problem. 

Looking to get started, raising capital by buying and subdividing land.

That really shouldn't raise any red flags. 

No consultant fee..Once your cash buyer raises his/her hand and say they want the deal then you and the wholesaler sign JV agreement and you bring in your cash buyer to sign assignment agreement.

So let's say your raise is for a 10% annualized return to investors and the hard money you have access to costs 15%.

I was making minimum wage with my wife, and we were barely making ends meet (raising a child as well).  

My goal is to transition from my Day Job into a "volume" business in notes--brokering, investing for my own account, raising "friends and family" money alongside my own to scale the business--and you can't exactly do that if you have to visit the nuts and bolts of every property.What are the expectations that you have, think you have or may have heard in regards to the amount or level of return one can expect?

Technically as a landlord you can charge whatever you want and once a tenant moves in you could just raise their rent (assuming they are a TAW) in the second month if they have a pet to cover the "pet deposit".

The way it is structured you have all of the experience and he has all of the control as the two smaller investors have no control, by that I mean your two votes don't outweigh his ownership- when is it time to sell, replace the roof, raise the rent, evict a tenant, etc.