If you invested in a bigger boat, more equipment and some employees, you could have an extremely successful business!  

@Andy Gross  you are right, there were a LOT of people buying back then counting on converting to condos all over the city. 

I personally built & own a 12 unit, 100% occupied (for last 3 years) multi-family , with 10.5 % cap, $115K gross inc, on 3 visually appealing acres, located within 3 minutes of a major military base (yet I have 50% "civilian tenant ratio"-thus my tenant base is diversified), 8 minutes from a recreational lake & tourist destination.  

@Aristotle KumpisIn Texas if you are an employee by W2 or 1099 of the owner of the property, you do not need a license to manage that property or any property that they own.Joe Gore

How many employees does the business currently have?

The adjustments that need to be made or the acquisition prices.Example, a $75k ARV with a $40k acquisition and $12k rehab would be a 70% deal, however the gross margin is only $22k.

If he doesn't want you to verify his true employment, that's a real bad sign cuz he might not be working there at all.After all, the employer would have to believe you are a real pathetic, awful, scum-of-the-earth employee for them to want to bad mouth the employee to a landlord.

Hello, somewhat of a mentor, but I have many things he will be taking over like my employees, banking/attorney relationships, buyer relationships, marketing tactics, and the list goes on.

I have heard about court rulings that say that the tenant then becomes your employee and you have to have all the insurance and pay the taxes for them as an employer would.

. $90,000Tenant just signed a 2 year lease 10 minutes ago for $1,200/mo.Approx. 3% Gross Monthly ReturnI showed the before pictures to the tenant and she was speechless and couldn't believe it's the same house.