Too soon to report on the profitability.

Solve problems profit greatly.Paul

And told me if I bring him a deal he would bring the cash and spilt profit with me.

Not looking to make a huge profit.

I asked my bank today, and I was told that you have to occupy the house for 6 months before you can sell it.I have looked into hard money and the rates do not leave much room for a profit.

Although I am new to real estate investing I do have more than 15 years of PM experience in the IT world so I posses a thorough understanding of timelines, budgets and managing contractors.In exchange for some training and guidance on what you're looking for I am willing to work for simply a small percentage of the profits.

To offset that consumption the rest of the property should create revenues to pay for that consumption and ideally provide a profit to the owner occupant after expenses.If you've never read the wealth of nations its pretty awesome stuff but, its NOT light reading and is in ye olde English as it was written in the 1776 :-D~http://www2.hn.psu.edu/faculty/jmanis/adam-smith/wealth-nations.pdf

Regarding partnerships, I wouldn't do it unless you define each others role(you being managing partner) and profits split after all expenses.

I expect the $400 mo profit to be eaten up by maintenance.

You're not just making profit out of a deal, and make sure that's not all you do.