Thanks a lot, are you also an investor or are you solely and agent?

Tenant acknowledges that this letter constitutes notice by Landlord to Tenant as required by the Truth-in-Renting Act pursuant to N.J.S.A. 46:8-50.During the term of this Lease, Tenant, at its sole cost and expense, shall obtain and maintain flood insurance with respect to its furniture, fixtures, equipment and other personal property located in the Premises in an amount not less than the maximum insurance coverage available for contents pursuant to the National Flood Insurance Program; it being understood that Landlord shall have no obligation to obtain flood insurance with respect to Tenant’s furniture, fixtures, equipment and other personal property, and Landlord shall have no liability or responsibility with respect thereto.　

If I were in your shoes, I would describe how much each people in the JV get paid, and who is responsible or in charge of doing certain things.  

Whether you have an LLC or are simply filing a Schedule C as a sole proprietor, you can deduct the expenses incurred in generating your wholesaling fees and this includes your marketing.  

@Rich Hupper wow, I have a DBA/sole prop that's been open for just over a year, always in good standing with my previous rental flowing through it (rental income, mortgage payment etc) - what type of bank was it?

We purchase based sole on rental income and immediately raise rents to market after purchase realising a immediate increase in value.No point in us paying for another owners poor management of their investment.

My experience in dealing with brokers from a lenders perspective is that the best brokers provide there services; however many do not and just act solely in their own best interest trying to make as much compensation as possible on each deal with the least effort and time commitment.  

These neighborhoods are also very desirable; and still have room for very good appreciation (Bushwick more than Bed Stuy).I don't want to rely solely on appreciation; so I'm searching for a property that cash flows.

@Benjamin Barredo , I was in your shoes for a majority of this year..

No - The appraised value is around $50K-$55K and you greatly overpaid because you were solely looking at the "2% Rule" and not other market comps.