Then after obtaining a loan at what ever cash he can get to the LLC, you buy the partner out under the Operating Agreement and being responsible for the LLC debt paying from your interest earned from management and your half of income proceeds.

She did the remodel and put in a deep kitchen sink and a disposer, and the disposer outlet is too high in relation to the drain's wall connection, so the disposer is always half filled with water. 

And also, if they can tell that you put in new kitchen cabs and counters, they will make the new kitchen meet the current codes with regards to outlets, even if you didn't change the kitchen layout one inch. 

The rent on it was $16,000 with a market rent of $21,000 and a tax assessment of $640k so I was very excited at the possibilities this portfolio had but then we got the prices he wanted and it was $1 mil for the whole portfolio and with current rents at $16,000 it is about half of my min ROI.

I live in a little city called Goshen, about a half hour from South Bend and the University of Notre Dame, two hours from Chicago and about three hours from Indy.

I like your approach better than the other half's.

It is in good shape, but having lived in it myself for nearly a year I have a good idea of what it needs rehab-wise (minor cosmetic, but definitely needs a complete kitchen rehab, and could probably use at least an extra half bathroom). 

Scenario:The property is located in Georgia, South Carolina, or North Carolina. Person A owns 50% of the property.A is the responsible for the mortgage on the property.Person B owns the other 50% of the property.B is ...

@Bill Sargeson   I bought a lot at a California tax sale and when I surveyed it the home next door was half way onto my lot making it unbuildable. 

When I replaced mine - I went with exact same brand and tank size but a high efficiency model - measured to make sure same height - Handyman was installing - of course it didn't fit through the door where the old water heater was.High efficiency one had more insulation and about 3 inches wider.