I use the 50% as a guideline only...basically a sanity check on the more detailed numbers. 

Hello plz send me details

Do I form a limited partnership with an agreement specifying these details?

He seems to know his stuff, has worked on boats all his life, was able to lay out for me in detail a couple options to redo my kitchen and bath cabinets for $12/hr and he'd use me or someone for grunt work.

I have been learning about RE investing through podcasts and youtube videos and BP for the past year and a half and I'm finally ready to get things rolling.

I also thought about creating some kind of loan or rental agreement with the homeowner but didn't really look into the details of it yet.

If one were to tell me they had cancer I think I'd respond that 'I'm sorry to hear that' and wouldn't ask for further details or interact with them any differently.

@Nicholas Baughman You won't know if they're squattors or owners or renters, and depending on whether they engage with you, you may not find out for a loooonngg time.I have no experience with buying occupied bldgs with non-cooperative tenants, but I know enough of the details in our area to know it's a specialty you'll need to be good at or hire someone who is. 

Are there any good resources you would recommend that give broad overviews of the markets and then some that provide more detail?

Based on the criteria they input, they are advanced in the sales funnel to a series of videos where I explain our services and how we can help (saves tons of times and builds instant credibility)3.