I have identified some affordable properties in 55+ communities in my area.

I'd not use him on that property at all.Now, when there is no property identified as a project, that is the time to set up a partnership.

If you don't pay them back within the specified time frame, they can foreclose on the property.It's really impossible to identify an average return on investment for a flip here.

So that's why I'm in a waiting pattern right now--want to make sure I have money saved for the down payment as well as a little extra cash in case an emergency happens.

Identify the opportunity, say a medical office condo complex.

2/3 rd's vote. 5) The more you know the other investors/participants in the fund, the better so that you can unify & make decisions in the future if needed. 6) Ask yourself this question: How can I monitor the project to make sure I can identify a problem before it's too late?

If they end up enlarging the vent hole to remove a dessicated raccoon than then it's one more story to tell come time for your next drink date with friends, and you tell your guy to brick and mortar up the hole when he's done.I would only use a chimney specialist when I decided there was a need for one...identifying the blockage doesn't qualify.Don't wait till Monday, have your guy evaluate now!

While I've identified a few properties of interest but found that I couldn't really get a 'feel' for the area with any of the online tools at my disposal (google maps, etc).

Which brings me to why I'm currently stuck in a holding pattern...

You must have a fiduciary in place to "accept" the money you receive from the flips and then you have 45 days to just "identify" the property(ies) you want to roll that money into.