This locks in my profit for my IP and effort, assures them of a return on their capital and allows us to share in the profits on an equitable basis.

Has the property increase in value since you locked in the purchase price?

Instead of spending your time getting locked into a project with little to no profit, spend it looking for assets that you can arbitrage for a lot higher yield.  

Those that got in and locked the rates will be doing well.

So I made the mistake of having my handyman pick the lock and entered the property.  

Its a 3 unit building ( with a 4th unit being a moldy basement right now, will be rehabbed at a later date)The numbers look like this;Purchase: $110kRehab: $50k for 3 unitsIn a decent up and coming area.We have locked in 3 families for year leases at $1500 per unit per month.Total rent =$4500pm before expensesWere looking at $2200 cashflow.Then split 50/50 is $1100 p/m.So $1100pm cashflow return on a $160,000 investment.Thanks in advance for your opinions.Cheers

Put keypad deadbolts on doors i.l.o. keyed locks.  

It's very possible that all of the reasons that I've been saying that have been driving the exuberance have largely run their course:The mad dash for first time home buyers and millenials to lock in the lowest interest rates everInvestors who have wanted to sell for 7 years can finally get something reasonable for their relinquished propertiesHowever, there may be a continued flight from the stock market and our job growth is still strong with people coming here for work.It wouldn't be a bad thing if sanity returns.

Tenants have the rent locked in for the duration of their lease.  

Or you may be able to get someone locked into a super low fee from the start.