I'll will be the one doing the house hunting and putting money down and he would be in charge of rehab.  

NO communicating with you, keep proceeds of rent, poor tenant management.....drinking, drugs........ over charging?

Do the numbers still make sense if you had to charge 10 or 20% less for rent?  

I have a group that meets monthly(my profile has details), there is another group that meets monthly, there are 2 real good BIG groups that charge $140+ per year but are great for networking.Start meeting people, learning, business cards and let everyone know that you are looking for properties to purchase.

Banks I talked with do not like having many small properties for collateral and want  to charge me huge amount in 9 full appraisals and points ...

C Meddy,I use a guy in OC that charges a very fair rate and also owns rental properties himself.  

In order to get $700 per month on a 10 year note like you proposed, you'd have to charge around 17% interest, which is essentially illegal (I won't go into usury laws or possible Dodd-Frank stuff here).

Drumming up fake injuries and charging absurd legal fees will burn up your insurance limits real quick.

The owner of the home and landlord, Tomas Arnaiz, has been charged with producing obscene materials, reproducing child porn, and filming a minor.

Blah blah blah, the tenant made an excuse and said they shouldn't get charge etc....