Please don't judge unless you're in my shoes.

I was in your shoes a few years ago, so I understand the "analysis" dilemma.

Pawnshops love taking womens shoes and jewelry as collateral to make mortgage payments. 

Use the free version of trulia to find some basic info then take that basic info, burn some shoe leather going to the property and checking it out then go to a realtor and they will find you more info on it.My parents were looking for a foreclosure for themselves and found one on the free side of trulia and got all the info they needed this way.

I have seen it happenn within a year, sometimes less, most times more.With a personal score of 800 you are a shoe-in for most credit lines - but be careful - you can loose everything if the market turns or something unfortunate happens to the business.

Hey guys, I'm currently at the point where I have a remodeling decision to make, and I'd like to hear what others who have been in my shoes have done and where it has taken them.

So, in your shoes, I'd probably spend 30 days going down the rabbit hole of non-performing loans/notes, etc. 

Before deploying any strategy expressed herein, consult with an Attorney and CPA within the state you intend to do business.IF I were in your shoes, here is my plan based on the knowledge and Team I have in place:Set myself up with an S-Corp (LLC is fine with the designation).Tell your partner to look into that as well.Form a new LLC (Partnership) with a split favorable to the overall business model (i.e. financing issues and % of ownership split).

As a flipper, you're running an active business, same is if you were manufacturing shoes. 

You did say he was an older gentleman so put yourself in his shoes.