I am mostly going to be wholesaling so I get that, but I'm thinking about driving around looking for vacant properties during my lunch break, which is in a different market than my wholesaling market and would make more sense for me to just shoot properties over to buyers rather than going through the wholesale process.Thanks!

A lot of intangibles need to be factored in, maybe you did that...?   

I don't know anything about lakewood other than it's very far and the drive is a good time in a fast car. 

Another factor to consider....think about the next landlord.......anything you can do to have an official record of their "deadbeat" status may very well help the next guy in line by giving them a heads up before they even rent to them.

Though he has more experience with rehabbing this is not something you need to factor in to your answers as it isn't something that will influence or affect our agreement financially or at all.

The podcasts have been so helpful and convenient as Im often driving through upper New England for my current job.

Location is a huge determining factor because the difference between a nice and reliable tenant pool and a bad one can be a matter of a few blocks.

If we split costs 50/50 for everything, how do we factor that in to our taxes since each individual will have a loan in their name but the costs and profits are split?

of course there are many factors to consider.

You apparently knew about these problems when you purchased the property so did you factor them in and now you are second guessing yourself?