This house is outside city limits so no permits needed.

Fixing the self created, and self limiting problems is the most valuable, because these are the simplest problems, and the ones that will have most impact on your ability to help other people fix their problems.a good credit score is reference that you can properly manage resources, without it, it's hard to convince someone you have that skill.

Cash-on-cash is relative and it is only one metric...and it really only works for year one to put properties on a level playing field so we can compare where to put our limited dollars.

I would highly recommend signing a Joint Venture agreement that spells out exactly what each of you are responsible for and how the profits/losses are split. 

@Shane WardSounds like a loss leader stick to your fundamentals and criteria you started with and find another deal.

Example:$100,000 ARV x 70% = $70,000 All-in- $20,000 Rehab - $5,000 Closing (Acquisition Closing, HML Points, Refinance Fees)- $5,000 Holding = $40,000 MAO Holding costs include (but not limited to) loan payments, insurance, taxes, utilities, HOA fees, etc., that occurs during the Rehab period and up until the property is fully rented.I get a lot of “NO’s”.  

So any money I put into renovation on top of the purchase price--even if the total still came in well under that 70% mark--would be stuck in the property, which would still limit my purchasing ability to how quickly I could save money.At this point, I'm back at square one.

It limits the chances of being taxed or penalized. 

You and your father-in-law can agree to whatever split in profit/loss percentage.

Insurance pays for losses incurred when the policy is in effect, and this is prior damage.