Seems if you are laying out $70k of actual money and he is investing $20k of his time this is definately not a 50/50 deal.

I don't think you need to define what an accredited investor is, but not sure.  

Need to define a plan: facepalm. 

I don't define "timely manner" in the document, because what I want to do can vary depending on the situation.

Set backs that define the allowable building footprint?

Answer to your question depends on how you define a "neighborhood"  If you consider the 77 Chicago communities as neighborhoods then the answer is no, Trulia is not a good representation of the quality/safety of the neighborhoods.  

And usually, even with states that do reciprocate, there will be a state law component to the course work requirements.

@Benjamin Cowles You can define closing costs with specificity in your actually purchase and sale contract.  

It's jazzed up a bit.I just added some kitchen cabinets for under $1,000 to the same rental, but they weren't top quality.This might help cover more of the variations in a well thought out manner:The Book on Estimating Rehab Costs: The Investor's Guide to Defining Your Renovation Plan, Building Your Budget, and Knowing Exactly How Much It All Costs (BiggerPockets Presents...)https://www.amazon.com/gp/product/0988973715/ref=o...Jim.

So many factors are at play.Net worth is a component but it tends to be iliquid.Someone buying a 4 million property putting 1 million down but has net worth of 3 million and 2 million is liquid still looks pretty good.