That said, you really need to be careful about any pooling of funds or collective investment schemes.  

The general partners pool funded from one or multiple limited partners (aka passive investors) in order to acquiring real estate (typically multifamily) and share in the profits.

I'm about 80% ready to go but want to know your thoughts on whether or not it's a good deal.Price: $45kRehab: $3-5kRent est: $600-700Cap rate: 7-8.5, depending on rentThe house is a 2BR, 1BA in a nice neighborhood with low crime, has a garage and a backyard.

Hi Mehgan,Condos do appreciate but just not at the same rate as SFRs and have a lower buyer pool. 

Update to 1 open area with changing rooms and possibly a sauna as well etc.Lease out club room, currently a room with a couch and a tv to a Juice bar or coffee company.Update Game room to more than a pool table and TV, place furniture from club room into game room. or update to a business center with public use PC's, Printer/ Copy/ Fax machines.Reevaluate Property value with bank to pay back initial invested amount with a previously agreed amount of interest and % ownershipProfit?

Great rental pool as expected.

The pool of potential buyers is much smaller than larger MSA's. 

It's the worst time because of demand saturation. well in bad times credit gets very tight to stops.. so if you don't have cash or the ability to pool cash does not matter your fico or anything else the capital via loans is simply not there except for the most experienced and the ones with the best liquidity and balance statements. 

Quick follow up questions:1) I feel a shed is a must, House is small 1100 square feet with no garage, but huge backyard (1/4 acre).

. - Website - Listsource to collect absentee owners list- Listsource to collect pre-foreclosure list- Probates - Are there any good sites to target this pool?