Still, current projected rent is $3,200/month.Current owner (in keeping with the deferred maintenance theme) has very few financial records but does prove up the following actual numbers:-Property taxes, $1,900/year-Insurance, $2,320/year-Owner-paid utilities, $3,429/yearEstimated:-10% vacancy-10% management-15% for maintenance/repairs, and -Reserving $700/month for CAPEXBOTTOM LINE is $34,560 net rental income less $24,700 expenses = $9,900 NOI.Offered $95,000 with $10,000 reimbursed at closing for immediate CAPEX (roof and A/C units).  20% down, loan on balance ($76k) at 6% for 30 years.Cap rate with $400/month rents is 10.1%, cash ROI is 20.3%, and annual cash flow is $4,400. 

Sounds like they used a lot of the strategies traveling Gurus teach!

They are way easier to work with in my opinion and as you grow, they will be more willing to be creative with your future deals if you keep a good track record. 

What's generally not obvious (that I harp about on here) is travel costs. 

You should be sure there is a legal, recorded easement for access to the rear property.  

The great thing about partnerships is that it is upto the partners to set the profit and loss ratio's.Something to take into account is each person's specialty and skillset to the partnership.If you have experience or a proven track record of delivering a return for investors - you can demand a higher profit percentage.As Jeff suggested - Please have an Attorney look over the partnership agreement.

Your partner can lend you the money, secured by some other real estate as a notarized/recorded official second mortgage to whatever LTV you wish (incl >100% CLTV).- Loop in a RE lawyer if it's your first time.- DTI still has to work.

Your name is not on any public record, contract, title, etc.

All cash, 100% of purchase price  as earnest money going hard on signing, short DD period, no DD period, no financing contingency, a track record of other deals in the area, and above asking offer.I have see all of these used on different deals.

If you have any record of your ex-tenant stating the fact that they vacated the unit it is enough for you to clean it out.