I'm proposing each partner put up 50% of the down payment and any fees related to closing.

You could also get the down payment gifted to you, from a relative perhaps?

Explore over 23,000 real estate-related companies here on BP, you will, after some time and vetting, find your next property manager in your area.

No grocery stores and everyone must travel 30 minutes one way for most things they want.You will be hiring a crew or crews from Buckeye, Az. most likely and getting supplies to Gila Bend will increase your costs.Rents are very low and I know of a couple of homes that have been on the market for a very long time.The town just had a recall election for the city council seats so even the town is in a little bit of turmoil when it comes to how it is being run.Renters burn a lot of landlords and everyone is related to each other.

(I'm not an attorney, consult yours)The first would be the promissory note, that outlines the terms of the loan, and the second would be a properly recorded mortgage, which defines what collateral can be claimed in the event of default, and the related process for making that claim.As @Robert Kinsey mentioned, 5% would be a bit low for me as a lender, but I'd be very happy to pay it as a borrower.

I am relatively new to the rental industry.

If you are looking relatively passive you might want to check out my article on Three Key Routes for Passive Real Estate Investing

I would assume this is related to the particular demographic you are marketing towards.My question for you, my BP family, is this:What is the primary demographic for real estate investors within the realm of wholesaling?

I have limited experience relative to the experts.

If you go on loopnet, with a bit of digging around, you should be able to source quite a few offering memorandums which will have relatively detailed breakdowns of expenses.