Now, that Sean is in receipt of the closing funds, responses take 24 hours...Before experiencing this very unprofessional way of handling business - I knew there wouldn't be a second time at bat with Sean and this company given the persuasion of becoming the buyer instead of the lender, and the 3% monthly management fee outlined in the JV agreement.

Pulling off a simple yet fast bathroom remodel handled remotely by locals is already an ambitious undertaking.

Save some reserve to handle the inevitable issues that will pop up after closing (vacancy, unexpected maintenance, etc.)

Gibson unless you are very game for a challenge then for your first deal I wouldnt take on the risk and the headache of new construction or such a large rehab.

Buying an investment with existing tenants may sound nice on the surface but it can come with a lot of problems.Buying a vacant property and finding your own tenants has additional challenges because you don't know what you're doing.I recommend passing on both deals.

However its probably appropriate up front to ask.. how do they handle customer communication and how quickly do they respond per their business systems..  

If it’s a SFR and you already have an account just ask if they’ve handled rentals before.

Yes, i have hired a professional eviction lawyer to handle this.  

Many times boards have good intentions but make serious errors in handling the money.

I would be funding the deal, and splitting cash flow 50%, while the other end is acquiring the deal, and handling the management, maintenance, and keeping it occupied.