Have the owner produce Schedule E from his tax returns for the past couple of years to see the expenses being claimed for his tax deductions ... 25% is too low.

Welcome on board.BP is a great platform to learn and network!

If I could give you a plan (6am to 7am –review Bigger Pockets, 7am to 8am, reply to e-mails, etc.) that works, I would write a book and make more than any real estate investment!

The owner wants 1,191,102for those properties.Incumbency summary.Mobile home park + park owned homes are free and clear.6 unit apartment - mtg balance $36,866 @ 6%duplex - free and clear.Vacant lot - free and clear.26 SFD as follows Price Mtge bal219 N Wash40,12733,430320 Oak40,61325,590720 Picher 25,34023,120730 Picher 29,07330,324732 Moffet 27,34728,929901 Roose 112,92036,866909 Connor20,92722,253920 Jackson25,74028,6191501 Valley22,86723,4891604 Minn 26,29321,4901718 Connor43,927clear1810 Pearl 47,38048,2491820 Wall 28,08025,9631823 Redbud127,790128,046312 E 19 12,00032,466318 E 19 9,000clear1902 Kentucky17,000clear <-2br burnout. 2115 Bird 48,04042,9052124 Adele13,393clear2224 Murphy29,69322,2532302 W 4 21,28021,4532540 E 12 128,790102,5502815 E 16 59,49245,5012903 Schiff32,86725,4464309 W 27 106,81098,7935796 Harrison62,700clearTotal Incumberances - $867,735Still working on comps data right now for SFDGross Financial Summary yearlyOverall CAP 15%Gross/Net income from Mobile Home Park - $379,451 / 165,243Gross/Net income from Homes - $178,113 / $133,840Seller SummarySeller is an older Gentleman looking to sell to purchase a Motel closer to where his Son lives.

@Bob E. at least 10% down payment, long term notes with 680 and above credit score to start.

look at the 2013 schedule E.

The biggest challenge is with PG&E.

@Scott E.

This platform has so much to offer, so definitely take advantage of all of the resources. 

Quote from @Scott E.: Fair equity split is 50/50.Upon sale, you get paid back your principal first, he gets paid back his construction costs, and then you split the rest.Of course all of this should be run through an attorney to get everything outlined in a contract.