Nothing ventured, nothing gained. 

Hello,So in 2015 my friends enter in a joint venture agreement for sale of property to renovate and flip this 4plex.The agreement is between friend 1 and friend 2 is to put money upfront as friend 3 facilitated the deal and was going to bring in his expertise and take care of the rest.Along with that he got a limited power of attorney along with a quitclaim deed from the owners.Friend 3 will be unable to fulfill his part of the deal. 1.

Hello @Preston Fennell welcome to BiggerPockets and good luck in your future venture!

Rohan, Congrats on your new venture partner! 

My goal is to generate monthly/yearly income and dedicate myself to this new venture.

Here's the scenario:My mom has an IRA and we have talked about her becoming involved in investing in my ventures.

Late fees are useless and I will venture to guess this month you will not receive the rent before January is due.

I am a newbie in real estate, and I decided to start with wholesaling then venture into other areas of real estate.

Good luck on your ventures, the rest of your analysis seems to be pretty close to what I have on my own spreadsheet that I created.

This one connection gained me a ton of knowledge that I gleaned from him, and continue to learn, and also kicked off several business ventures with him as well.