This is also how I would sell him on the deal.Estimated Minimum Closing Costs $5,500.00Estimated Closing Costs Based on Prop Value $5,500.00 Repairs/Construction $10,000Total Loan with Seller Concessions $100,000.00 % Down Payment 20.00%Down Payment $20,000 Remainder of closing costs $15,500.00 (this assumes you are paying for the renovations out of pocket)Total Due at Signing $35,500 Mortgage Rate 4.75%Length of Mortgage in years 30Monthly Mortgage payment $417.32 Taxes $100.00 Sewer and Water $- Trash $- Heat/Utilities $- HOA $30.00 Cap Ex and Ops $150.00 (this is your future roof replacement, hot water tanks and other major items)Insurance $250.00 Mgmt Fee $140.00 Vacancy $113.40 Total Expenses $1,200.72Total Revenue $1,400.00 Cashflow/month $199.28Cash on Cash Return 6.74%

Now the owner is saying that she will take the majority of what we give her for the house and give the tenants whatever is left.  

Have my first deal in my sights but it needs major foundation repairs and an possible deal breaker on an otherwise great flip.  

or major rehabs.  

I have limited cash at this point so I am looking to partner with an experienced rehabber to learn from so that I can learn, make a small percentage of the profit, you make a majority of the profit and the wholesaler can make some money and get rid of the property.I have a relationship with a seasoned broker/wholesaler that I am learning from but it requires that I put all the money up front and I am just not to that point yet.Message me if interested and let me know if you have done this before and I would like to see how your Joint Venture agreement might look like.  

AND....The VP that I built major rapport with has now moved up in rank and is now the President!

These were a great place to park the cash we were building up to purchase our first property, as their weren't many major price swings and you have a 5% cushion/hedge if you bought at the wrong time.  

Typical grandmas house, no major problems just really out dated.

Also, double confirm your major systems work.  

These are antiquated instruments and not favorably looked upon by the majority of the industry.