The best part about BP is learning from all the other experienced folks out there.

Dallas investors-I'm interested in seeing what an experienced investor would estimate for repairs on a 5b/2bath house in East Dallas (MLS # below).

Also understand that brokerages may requirements for their agents, like wanting only experienced agents.  

Experienced local investors can make money there, but unless you have an amazing PM you're probably asking for trouble.Raytown, east of the zoo, is a much better area.

@J ScottI am not nearly as experienced as you are so I assume this exists in another market but so far I have not seen it to such a great extent:1) Because vacancy is almost non-existent and costs are so high I have seen people do things in NYC that are probably not as prevalent elsewhere.

Its going to defiantly need some repairs also.BP experienced investors do you think I am paying too much for the property?

The "just market value" of their land is then listed at $250K (the county defines JMV as "The price at which a property, if offered for sale in the open market, with a reasonable time for the seller to find a purchaser, would transfer for cash or its equivalent, under prevailing market conditions between parties who have knowledge of the uses to which the property may be put, both seeking to maximize their gains and neither being in a position to take advantage of the exigencies of the other.")I am very interested in learning by participating in this deal but I don't know whether i am getting screwed through 1) him assessing my basis too low by valuing it at 212 instead of 250k and 2) the terms of the overall deal.I am leaning towards doing the JV since there are other places where I can learn about rehabbing and renting, or flipping, but this property offers a great opportunity to participate in a development with a high quality experienced guy who is very well connected. 

Fortunately, I am experienced in website design and SEO!

My question goes out to the experienced people.

You are setting yourself up for major issues if you fail to educate yourself or find an experienced investor to work with on your first 5 to 15 deals.