The new LLC will purchase the house and all costs and profit will be divided based on the % split and kept separate.I own another LLC which is the 75% owner. 

Then he bought something larger and added some value during one year sold it for a profit of 200 K, plus he wholesaled again and made 50 K. now he invest the 250 k and bought a million dollar property adds value, plus wholesaling deals for 50 k in this year and then he decides to sell again. 

I believe he is doing it for the prior landlord to generate more money off interest and such.Which is what I will be doing.

@Michael Joseph Allen II I can definitely show you helpful tips on how to generate leads/sales.

It's much less time consuming for you, and it also generates a sense of urgency among potential renters when they see others who are interested, too. 

So there would of been potential for $400 profit for some passive income.

The way to make real estate easy is to tell everyone how easy real estate is, and profiting from people's desperation.

I think there are two things that are at work here: 1) Investors over estimate how quickly they will get a property operating profitably and therefore don't plan accordingly 2) Turnkey Companies oversell their product and don't manage investor expectations appropriately by explaining item #1 to them.

I also would not expect to just tag along, I would be more than willing to put in the required cash down payment and hopefully we make a profit and split the profit. 

Initially it felt like I was cutting into the profit way too much, but this weekend we had to fix something connected to our heat pump and I was glad to have reserves.Thank you!