Spending an hour with a CPA who understands your overall financial situations would be time well spent, but there are some general rules of thumb:If you hold the asset for less than one year, your profits are considered short term capital gains - which are taxed as ordinary income at your standard tax bracket rate. 

What are the bare minimum requirements I should request in a written agreement/legal document with this individual to best protect my asset in case his investment fails or falls short.

Option 1: I will receive only the rehab, hiring a contractor and ask the buyer to pay the property direct to the ownerOption 2: I will receive full payment (property+rehab) and my company buys the property a resell it shortly to the buyer

Pending sales in DFW dropped like a rock vs. prior year, and since sales lag pending contracts by a month or two I would expect that it will start to affect the sales numbers shortly. 

From what I've read around BP, people seem to have a tough time with Airbnb in Miami so just have him check and see the laws surrounding short term rentals.

If you are buying for the long term and the numbers make sense then I wouldn't worry too much about the short term market, that's just me.

The more adversarial your approach the higher the risk in increasing the cost.To determine the boundaries, check the legal descriptions of the properties in both of the deeds.

Long story short, the repairs took over 10 months to complete.

@Ron Fletcher like I said before I drive my own truck and that doesn’t leave much time for reading but I have listened to several podcast and webinars I’ve learned a great deal but im not quite sure if my numbers are correct I’ve found a couple deals but I’m not sure if I’m doing things correctly I’ve ran numbers on at least 15 homes and duplex’s and 5 good deals I’ve felt would be good investments both short and long term for my market my next goal would be a hard loan I haven’t had the time comfortably learn about hard loans and loans in general give me a few days 18 hrs in a truck leaves a long time for audio books and pod cast rich dad poor dad changed my preception ofMy life and money i look forward to listening to richest man in Babylon

Additionally, I used pastel envelope (now a standard) and kept my veribage short and sweet.