The Operating Agreement for the LLC will spell out other agreements with members (you and your wife), and it sounds like 50/50 for capital, profits, and losses.

The numbers show a modest profit but this should be both a good learning experience for my wife and I moving forward.

Your agent should be able to tell you what is customary in your area.4) ARV - Rehab Costs - Close/Carry Costs - Your Profit = Your MAO (Maximum Allowable Offer).

My take is that whatever you decide to do to get rolling, if your numbers are realistic and they can get you a profit within your exit plan as worst case scenario) i.e. - plan B and C make you money vs original plan, go for it!

I negotiated the price 15k lower than the asking price and I now plan on reselling the property to my end buyer for a small profit.

Sounds like you weathered the storm and made a good profit on the end.

$800,000 would buy you quite a lot of real estate and quite a lot of cash flow, even passively where you never have to speak to or look at a tenant, just collecting checks every month.Definitely look into all your options regarding maximizing your profit on the deal and minimizing your taxes

We also model the profitability and hold period of each property based solely on cashflow - we assume no appreciation in value (which, when you consider inflation, actually works out to depreciation) and that the property will be disposed at the same price (or perhaps 5% less) than its capital cost.While this approach seems to be far too conservative in the eyes of other local investors, I would rather treat any gain on disposition as a windfall and retain the ability to profitably sell properties below future FMV if we need to dispose at an in-opportune time in the cycle.

I started with a $28K condo outside Orlando and went up from there.If you're still a little aprehensive, hook up with another seasoned investor and offer to fund the deal and split the profits if they help you get it done.

I've read stories of people going through heaven and hell to get the contract and pocket maybe upwards of $10K (which is a big profit in this space as I understand it) fully knowing that the investor they sold it to is going to make at least that and probably a multiple of (not that their job is any easier).For all of that work, and assuming it really is the great deal you are marketing to your investor network, I'm wondering why not see the deal all the way through the flip and maximize your upside and the effort you put in?