The advice was, "if you don't know where to start, throw a rock in the air, and wherever it lands, the next person by the rock, say 'your the first person by the rock'" OWTTE.The point, of course, is that you need to start.

@Jennifer Annen I believe in occupancy, which means if you have a good tenant taking care of the property and paying the rent on time, don't rock the boat that much.

This home has some kind of rock stone siding at the bottom part of it .

My wife and I are somewhat novice investors - started with our first unit 7 years ago.  Current plan is to sell our townhouse rental, take the funds and double-down on two new condos (decent cash flow).  The challenge...

Priorities are for learning and increasing mutual deal flows, fees and commission split is negotiable. 

It is suspect that he would want to split the deal with you instead of doing it himself (again unless you are good friends already).

@Nicole Lybrand I just purchased a 4plex in Sherwood and would consider more Multi Family in Little Rock at the right locations.  

Do you have any past experience with using RUBS for splitting utilities among tenants?

Equal split on costs between the two of you? 

@Duane Johnson I mean, you could try to JV with the guy, let him keep the house and you fund the rehab, and then you guys split the profit above a certain number, but again, unless that number is significantly lower than his ask, there's not enough meat on the bone