I do not like to buy properties that need more money on rehab than I anticipate to profit.

Thanks Jon.Is there anyway to go about it so the buyer doesn't know that I'm actually making a profit?

Your contractor is going to want to walk away with 5% profit minimum on a commercial project, or 8 -10% profit on a residential project.

I take that to mean he is looking for more upside than just 10% interest.My realtor (c) said that if the investor put up 100% of purchase and rehab costs, that we should split profits (cash flow and equity upon sale) 40% to him and 60% to me.How does that compare to the other partnership agreements out there?

I find doing an Equity Split (like a JV Addendum on the Sandwich LO) where the Seller PARTICIPATES IN THE NEGATIVE CASH FLOW and receives some benefit down the road.Equity Splits are valuable in expensive markets like SF, LA, NY, etc.Language might be:Ask the Seller to write down what they think would work.That way the seller gets exactly what they want, I sign up the deal, and then I clean it up later (checking with my attorney if needed).An Example:"Landlord to receive 20% of the amount of Net Profit.

I'd like to go via mls, but the commission will just eat away profit.

You could try using several different modified forms of the IRR though I prefer to use Net Present Value and a Profitability Index.

I don't want a fancy car, although I do enjoy hotrodding (build them myself....and then sell them for a profit.....but drive an 8 year-old Neon as a daily, great on gas, cheap to work on).

Tax lien certificates are a viable and profitable strategy if you know what you are doing.

Another thing I find interesting that seems to be missed here....When Joe the Plumber's taxes are increased - who do you think is going to see decreased profit in his "flipping" business when rehab costs increase?