At this point I've done enough deals that my last profit split was 30/70, (I get 70).

I have leases that last 2 years.

What I am seeing is a lot more rehabs that are just carpet and paint and flippers leaving in old windows, heating systems which are on their last life. 

One last question I had related to an experienced REI-friendly CPA in the area.

Everyone there stuck around for the last property, which was a 1900 sq ft  home, built in 2004, assessed at $210k in a nice neighborhood, at auction due to unpaid HOA fees.  

I have immersed myself in the podcasts and books for the last month or so, and I think the best way to start out is networking.

I'm very familiar with the area I've done two projects in the last couple years there I've also lived there for about 15 years so I know the market pretty well.

Lastly a couple months of vacancy to cover if you loose your tenants.

But if you want to wholesale the property to another investor, then contact a local RE Agent to give you a list of all the houses in that neighborhood that have sold in the last 5 years with all cash.

If there is a "grace" period, does anyone know how long it lasts or does it vary?