I have been reading a good amount about "flipping" (rehab and sell) houses, have listened to numerous BP podcasts, watched videos and would say I have a solid basic understanding of the mechanics and the idea behind.

You need to buy structures and mechanicals that are manageable. 

Of course - IF you've got the right processes and cross-checking mechanisms in place. e.g. - I'm in the process of buying two properties in Georgia right now.

All parties need to understand their roles and obligations and alternatively there has to be a clearly defined exit mechanism if the arrangement does not work out.You've done well to have found a G.C. you trust so much that you'll give them a piece of your action.

This is an issue between you and the person who tried to make the repair.It would be like a mechanic tries to fix your engine but cannot so he sells you a new engine. 

Bridget I would try to get out of that contract quick.If it's the area I am thinking of it is a war zone.I looked in the city of Atlanta for awhile.Mostly old homes with high taxes in horrible areas.Some of the streets are called "gun alley drive" - not joking.When I drove these areas during the day I had a few people in the car and locked the doors,didn't slow down,and didn't exit the vehicle.It's pretty bad when you see police avoid driving in certain areas.Not saying this is where your property is at but I would be shocked if it was in a good area.These properties even with rehabbing the exterior mechanicals will be stolen again within the week.A key is how many homes are vacant on that street and is the area transitioning down or up in its cycle as far as crime and revitalization.I don't like the older homes in Atlanta.They sit on small lots so the land is not valuable.They have very high taxes with some at 3,000 or more a year based on inflated assesments from years ago.The properties are also very old in age.Many of these properties had lipstick put on them for flips years ago for fraud.Now with these old properties you will be eaten alive in costs with possible lead paint,galvanized pipes,asbestos,foundation issues,radon,mold,etc.

More bookings, and a more direct pay for play model that incentives properties to keep their calendars up to date, provide an experience that is likely to result in 5 star reviews, and generally has mechanisms to weed out bad actors.

If he says no, just tell him that he can't prove the previous owner didn't buy the machine outright/secondhand from him, and so you're changing out the locks so he has no access to the property, and you'll just have the machine lock mechanism replaced so you have a working key. 

Mechanic, Engineering degree from aTm, Outside Technical sales...and now real estate.

Account Closed  Not to be a know it all,, but you don't get cap rates when you take back a owner carry mortgage you get interest income and rate of return... you keep say the exact same thing in almost every post... at least get the mechanics correct other wise your credibility will get bruised here on BPit sounds like you and Joe Pickett work for the same guy.. at least you guys say the exact same thing.. so I got to think this is a sale pitch your doing.just like the west coast TK marketers that come on and say the exact same thing every post  IE I only buy for cash flow and I only buy out of CA becaue CA has no cash flowthese post are really getting old and silly in my mind.