@Jason Stern - self-employed income is taxed pretty heavily.

I quit my 9-5 job on the spot, no warning.

But be warned that it may be optimistic to think that you and your tenant will remain on the same terms if he feels like you're going back on your word - sales contract or not.

@Dave Foster apparently agrees with this point, and he is a professional exchange intermediary.Yes, there is some debate about that spousal issue, hence the 50% warning, but I don't believe their concern is valid.

But I don't know him at all, and there is very little info online about that company.Your help/suggestions/warnings are appreciated!

Just be warned if you don’t self manage (I.e. put it with a local PM like fireside chalet or Cabins USA or Patriot, or even the national Evolve) You wont make money unless you paid cash.

from your first sentance of who brought the project and thinking of Texas rehabbers I could sense trouble.It happened to me there as well.. now i could afford to take the hit.. but that is ONE TOUGH market to workeven when things went well ARV and sale price never meshed .. its  a local experts market.. and contractors dont need to be licesned.. this simply is not surprising..thanks for posting this is a good warning to others who think fix and flip is like TV.. and to be uber cautious in Texas.

Also, any warnings to be aware of in that area would be appreciated. 

Good points for any investor to consider when selecting a PM, and I especially like the warning to take negative reviews with a grain of salt....wouldn't have considered that immediately.

Still hard to find.I would warn you though, so many overpriced "deals" around here are sellers waiting on "california money"  (Out of market players who will accept ridiculously low returns, or no returns, or buy crap neighborhoods with no hope of appreciation).This 10 year run in us real estate is a by product of artificially low interest rates, so we are not sure if it is real!