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.

Thanks for the insight @Wayne Brooks, I know someone that has experienced multiple job loss on and off for the past few years.

I would like to get the most out of biggerpockets, I hope to meet some very experienced investors as well as newbies to network, learn from and with and of course ultimately do deals and make money.

Find an attorney experienced with evictions and let them do the hard work to get this guy out.

@Anna Davis I let mine go for almost 2 months and my more experienced advisor kept telling me “serve the papers on day 6!”

The same barriers apply when trying to get a broker or seller to take you seriously.And of course it also takes an experienced team to operate these types of deals.I’ve been in real estate for over two decades and have written a few books on real estate investing.