So the first step was to gain possession of the property.

This thread serves as a great and very valuable lesson for any new wholesaler starting out.

Thank you to everyone who takes their time to offer advice on this valuable forum.Background/Bullet Points:San Diego duplex.No debt.Not a rental.

Basically move in ready meaning maybe it needs $5000 or less for any cosmetic fixes, new appliance(s), or the like.Flipping doesn't seem like the route for me as I have no construction experience, therefore labor costs would offset most of the gains...or am I wrong?

Better yet wait a year so you don't have to pay capital gains.

Well, I did not use an accountant and I didn't keep up with the cash expenses well because I thought it would be my personal residence so I would be exempt from the cap gains anyway.I didn't repay it the first year as it was still technically my primary residence (I was living out of town in a hotel, so this house was more of a permanent residence for me than anywhere else, even if I wasn't fully moved in).

Yes, I would agree that - if you're referring to cost basis (such as is used in capital gains calculations) - that the amount would include the cost of the assignment fee (since I believe this falls under "purchase costs").

Here is a duplex that has the potential to break-even, if not net a little cash, from day 1: http://www.redfin.com/CA/Los-Angeles/104-N-Harper-Ave-90048/home/7093197My question to those more experience is, say I wanted to approach my investor friend with this property, what kinds of deals could we structure such that he'd be willing to invest in acquiring the property, we both acquire interest in the property, and we each obtain some sort of gain in the long run.

Any reported gains may lead the nation; but, that ignores the fact that home values are still down from the highs of 2006 and 2007.

I'd love to gain a mentor who'd take me under their wing!