I think splitting the profits is fine as long as your partner has worked out how much the labor will cost.

I use to think CT laws were heavy on this, but boy was I wrong!

For example, I often see Buyers purchase property thinking there is a $1,000 deposit but then the tenant claims it was $2,000 because they paid the last month's rent.

He thinks they can rent each room out for $800 for a total of $3200/monthHe has offered 10% for me to manage the renting of the rooms to the tenants and to take care of the lawn and snow.This initially sounds low to me. 

How much do they think their house is worth?

I see how this rule can be useful, but I think it can't be a deal breaker.  

I have some additional ones that I think will help.1.

I agree with you, I think I just need to make sure the folks asking to do this are legitimate.

Land area spans from Rio Grande City to South Padre Island.I think it's not heard of often bc we're not as mainstream as other big cities and we are also a border town so cartel violence tends to be the issue that comes up.. but Mcallen has actually been ranked top 3 in one of the safest cities to live in in 2023. 

The note would typically have a Due-on-Sale clause as well, that permits the noteholder to immediately call the entire amount due at any change in ownership.Just think of the seller as the bank (other than a Contract for Deed situation, as Don said).