You may pay 2-3 months expenses with eviction and clean up and re marketing.

My realtor sent me properties daily, but this was just a random house that I came across.The house is in Cypress, zoned to some pretty good schools, in an established neighborhood, and close to 290.

A potential way to structure a formal partnership is to establish an LLC with each of you as members.  

Non-bank servicers earn contractually established fee income, typically based on the unpaid principal balance of the loans serviced.

Immediately upgraded the common areas (land scapaing, new hand rails, fresh new paint colors, refaced the storage units with wainscoting, cleaned the garage so people could park easier, etc.)3.

I also have a desire to create a positive change in my community by providing safe, clean, and stable residences for people but, alas, we can't help everyone.  

But not really a big deal once I lease up the property and it establishes a track record, at a 10 cap, it could be worth $500-$650k.I closed a SFH giving the Seller a check for $5k and paying all the unpaid taxes and closing costs totaling about $13k for a real sales price of $23k, but again the sales data shows only $5k which really kills the comps in the area with houses priced from $50k (REO's) to $250k and most of the similar houses asking $150-250k.

I would ask the tenant to pay for the cleaning.   

My guess is that more established contractors with their crew are more inclined to be involved with these loans because they get paid at various milestones and their work gets checked along the way.

In addition, if you do acquire a property, you may have some additional title work that needs to be done before you could sell/finance it with a completely clean title.