Debris was everywhere...graffiti and holes were all in the sheetrock in the living room...the A/C, water heater, furnace and plumbing are gone...the walls in the bathrom were destroyed...and the carpet was beyond restoration.9) The roof, foundstion and frame were still sound...not sure about the electrical aspect, though.10) I spoke to several REI folks here in Dallas about this and they were of the consensus that I take over that company and either rehab the house of flip it.

Like every other aspect of this market the game changes quickly!

And to know what a deal looks like, you need to familiar with all aspects of the investment, not just the purchase side.For example, how do know if a house that's listed at $60K is a good deal if you don't know whether it will sell for $65K or $165K?

How do I get it tested to see if it works with no electricity, or how does the inspector test other aspects if the utilities are off?

I hesitated and questioned my knowledge on certain aspects of real estate...To be honest, I was afraid...

Take awhile familiarizing yourself with more aspects of real estate.

I have been involved in many forums in the past, and this forum seems to reach many aspects of investing, and has a pretty active membership.

You also need to complete several aspects of your dud diligence such as (but not limited to) identifying the gross income potential, knowing the costs, knowing how to manage the investment, and much more.

As far as percentages go in the partnership, it can be structured many different ways.Some examples: A brings the money, B finds, negotiates, contracts, closes, and manages the deal: 50%/50%A brings the money and the end buyer, B does the rest 65%-70% for A, balance for BThese are just examples, keep in mind everything is NEGOTIABLE.The real key is having two people with the same goal on the project and the same attitude, but with differnt aspects they bring to the table.

E's so this has been a pretty good week in some aspects :)--nothing like $3,400,000,000 in federal real estate development to give an area a shot in the arm eh?