Would love to meet/help out anyone who is operating in the area.

Please let me know any way I can help you as you get started as I primarily operate in the Hartford area. 

You can also contribute to the project by joining them with a contribution to capital, in that case a note and deed of trust isn't necessary, but needs to be resolved in an operating agreement of the LLC.If there is significant money in on this, I suggest you see an attorney, you can use the same contract over and over again in the future.

Even if I did retain you, I am pretty sure the Partnership Agreement and Operating Agreement I just drafted would cost you that $7,800.00 check you just gained.

Doing the math on the property with a traditional 20% loan it looks something like this Purchase Price (Max Offer Price) $90,000 Percent Down 20% Down Payment Amount $18,000 Amount Financed $72,000 Interest Rate 4.85%  Closing Cost $3,150.00  Costs of Repairs (Make Ready) $7,000  30  Mortgage Payment $379.94   Rental Income Monthly Annual Unit A $1,050.00  Vacancy Rate 5%  Net Rental Income $997.50  Expenses Monthly Annual Property Management Fees $105.00 $- Leasing Costs $50.00 $  Maintenance Reserve $60.00 $ Utilities $12.00 $-  PropertyTaxes $45.83  $ Insurance $80.00  Total Expenses $352.83  Net Operating Income $644.67 Net Cash Flow $264.73 HELP PLEASE, this looks like one of those properties I would be fool to let pass by.

The attorney can advise you.2)  Let's assume this is just a retail operation this guy was running.  

I'll suggest that you forget about "rent-to-own" as the term applies to rental credits, this is dead for operators and look to a straight lease and option, 2 separate agreements unrelated to each other. 

I would advise you begin to make connections there as well.Another thought on this project is, can you volunteer to be part of the rehab effort either for pay or free so that you can learn about what it takes to perform this kind of work and get a birds eye view of the standards this other investor operates by??

You'll just be taxed on the rent you received MINUS any allowable deductions (i.e. mortgage interest, property tax, operating expenses, depreciation, repairs, etc).

Looking forward to working in the industry as a Construction Manager to fund my marketing and to close dealsGoals: Flip 3-5 properties and Buy & Hold 3-5 properties every year in operation.