He is holding strong on him doing NOTHING other than provide 50% of the upfront cash while wanting 50% of the assets.As a side note, he (my friend) is sitting on a huge pile of liquid assets to use towards "investing".I know he is very nervous going into REI, but if we pull this off and he feels comfortable I know we can take down many more properties.

Hello,I'm just starting out in real estate investing and looking at several MF properties in the Austin area.I lived in Austin for many years so I'm pretty comfortable with the market, but I've recently moved out of state and am doing everything remotely. 

(PS: they will all have to work together, at some point - better for you if they are used to 'playing well together' in this, as well).Don't make this complicated - just make it complete - start talking to one professional and keep asking until you find the one with whom you are comfortable, then ask them for their recommendations fro the others you will need for the full, legal, and financial foundation of your power team.Foundation laid - build the house!

Check out-https://www.biggerpockets.com/renewsblog/2015/04/1...So it kind of depends on where your comfort levels are as to what you should or would want to do.

I like to walk the neighborhood during the day time and then again a few times at night.If I feel comfortable doing that, I generally feel better about the investment.  

I would cash out refi with a 30 year fixed conventional mortgage at an LTV that I would be comfortable with (70% LTV in my market; I don't know anything about your market), then go buy another.  

Chad Clement , in order for people to answer, they would need to know the ARV, rehab amount and your desired profit.To answer your question about if this is typical, the answer is yes- or at least not uncommon.Many banks will give preference to owner occupants, even if their bids are slightly lower.Offer the highest number you are comfortable with after factoring in your desired profit and skip the contingencies if a hit market.

If you've done a lot of private party-to-party sales & feel comfortable with your own contract, I would at least call the title company you are planning to use, & ask them for the exact verbiage to use as the seller (trust & trustee).  

With that being said, if you really want someone local, then of course do what is comfortable for you as ultimately that is most important

Sit back and relax for a few days while the 10 days runs out and know its all being taken care of because you've paid someone to do just that.