High construction costs and interest rates?  

Then I called my agent and explained that I had never given permission to sign over her quote to anyone else and that I could send her anything in writing and would prefer to go with her quote.Escrow happened to be delayed for other reasons, so I have some wiggle room in trying to sort this out.

But that is in line.As mentioned, the cost of finding a new renter for $100 makes zero economic sense. 

Reason being when I realtor does anything paperwork is signed by the owner and recorded in most states this is a law.

If so what's the cost per sqft?

We pretty much all use "the lesser of" Cost or ARV (As Reparied Value) as the value we use for lending.

However, I'm not sure which route is best.Option 1: Equity PartnershipIf he provides the full $230K, I cover closing costs and manage the property, and we split the cash flow 50:50, that would give us each $960 per month, $11,516 annually.

Please include:When and how is rent to be paidWhen and how are utilities going to be paid (if any)When and how is the cleaning going to be (if shared or provided)What are the costs associated with damages / breaking stuff / calling a technicianWhat are the costs of breaking the lease, finding a replacement if you are doing short term leases on the roomsIf they lost their keys or check bounces what is the charge for it, how the cleaning of the common areas is going to work, and enforcing quiet hours.

Reason why is you are basically getting 100% financing on a property and using the other as leverage.

If pre-foreclosure, there is some reason they can't take possession or haven't completed the process yet.