I checked out some recently sold properties in Ventura County on Zillow and I noticed that there are still bargains out there in SoCal. 

Well I have HML experience in Memphis for years and know it fairly well. he was paying 10k a door and its half vacant and boarded.. but he goes on to tell me the old owners did not know what they were doing they were running it like slum lords etc etc... against my advice he buys the thing for 400k and is telling me he is going to put in a B ball hoop new BBQs a play area etc etc. make it really nice.

I had dinner with a guy from BP the other day who came to our fair city.

I want the tenant to be good, and I want to pay a fair split for a qualified candidate if we successfully lease to them.

Since my last post was removed here is a better pictorial representation to bypass the irony filters:In fairness the question may have been serious so I will try to avoid being a complete jerk and say that if such a miracle site existed everyone on BP would immediately be instantly wealthy (on paper at least) and many investors would be investing in ridiculously risky investments.  

If I was a full time investor (time wise) I think there's a fairly huge play in Milwaukee for the Cashflow play, minimal appreciationsPing me if you have questions about the neighborhoods here in the cities.

In my opinion, the 50/50 partnership does not sound like a fair split.From experience with doing hundreds of deals, it should be. 33% for finding deal and loan guarantee.33% for funding.33% for doing rehab/project managementIf you keep the 50/50 partnership, I would think about paying yourself 12% interest as a loan for funding the deal and maybe 2 or 3 points and then split the profits 50/50. 

Though both Fair Housing, and ADA protect the disabled and an arguement could be made that an obese person is a disabled person.

It would be fairly easy to get around that by changing the deed and get my wife off the title.

Fairly sure the answer to that one is: YES!