Take care of the property as you normally would.

Be careful when a seller is just providing "estimated" expense.

There are some select markets in the southeast that I will look at if I can't find anything in OKC, KC or Des Moines but I imagine I will find acceptable properties in those cities first. 

Long-term I am looking for a contractor who I can take care of construction, while I focus on sourcing deals and raising capital.  

You can try to have the buyer take care of the commission or reimburse you for the closing costs or something.

You should be careful with letting tenants breaks terms of the lease.

We do have a lawyer lined up who should be able to take care of that aspect, so that's good to know.In terms of the structure you proposed, I just have a couple follow up questions to make sure I understand properly:1) If the investor pays us $50,000, we would offer to pay him a preferred return of $3,000 per year from the monthly income we receive?

Personally, I am very conservative and very selective.

I don't care if the seller says he manages himself.  

People care much more about the aesthetics of their property than saving a marginal amount of money on their already small electric bill.