Subtract the $587 from the remaining $1100 per month and you have a monthly profit of $513. 

I've done tons of renovations for pennies on the dollar but usually I just take the money I may do some sweat equity but now that I turn 30 I'm really motivated to build up a rental portfolio and stop turn all my cash in the trash.

@Jay Walcott it sounds like you have a good plan, but I think your best bet is going to be locating motivated sellers that don't already have wholesale contracts in place.

Yep, you've definitely found a motivated seller!  

., 40% of all the remaining profit), while investors receive the rest of what’s left pro rata.

I remain indifferent on the recommendation for my domestic ventures.Can anyone advise on this recommendation?

I had only taken out $200 in cash, planning to pay him $170, so gave him the $200 and asked him to send me the receipt and an invoice for the remaining $50.

In my area rent prices have remained pretty stagnant with a steady increase in housing prices.

The remaining unit needed a total rehab (sands ripping out the walls, plumbing and electric replacement).When I put it under contract, the units were not renting out to students, it was quasi section 8/lower income.  

My short term goals are to 1) establish a working relationship with home flippers in the area and to cater to their needs profit wise  2) Help motivated sellers quickly get out of what can be a bind.