I have some I have had bad experiences with because they delayed closing, others I’ve had a bad experience with that they corrected and others I’ve had no issues with.

Here’s the bottom line:No financial risk to partner = no motivation = can pack up his tool bag and leave.No contract can secure yourself and your investment when it comes to this type of partnership - there are too many what ifs and what to do on that if.Best case: Hire him as contractor, pay his invoice, move to the next deal.

Two small beachside hotels have come up for sale (see LoopNet) and I would like to know if there are any tools other than CapRate and NOI to help me with deal analysis. 

With that being said, I do charge an application fee and here's a list of some of the reasons why:1)  I incur a cost to run a credit check so the application fee just offsets this cost (I don't make money off the application fee, I just charge according to what it actually costs me so I'm not out any money).2)  It helps weed out the tire kickers who may turn in an application but aren't serious about renting the property or those that might turn in an application hoping you won't find out something that would disqualify them (I give all applicants my criteria stapled to the application so they know exactly what I'm looking for, and not looking for).3)  It's another screening tool (if the applicant can't afford the application fee, how are they going to afford the rent + security deposit?)

I think you're fortunate he didn't steal your tools and materials and disappear.

In that regard it seems to be a good tool.

All and any comments , suggestions and or collaboration on this evolving Portfolio Analysis  sheet would be very welcome  .Again , my tool is just in the early stages , but feel can benefit many of us BP I would be glad to Share the template on Google Drive and Setup a Google Hangout for anyone interested in participating.Just post your contact info please .All the best Keith 

@Jeff Unruh Mecklenburg County, NC has a very robust online tool for search tax foreclosures to include narrowing searches by property type. http://mapserver.mecklenburgcountync.gov/foreclosures/Vacant land presents a whole host of potential problems that may inhibit a quick flip.

If you did this and either held it for a year (I️ believe that is the standard, but I️ would confirm with the banking institutions you want to go with), you could then refinance, pay off your land contract and pull cash out if appraisal came back higher.Your original thought process is correct in that a bank wants the 20% (I’ve seen closer to 25-30% on commercial loans until you build relationship) to protect themselves from fluctuations in value, but they also want skin in the game.Good luck,Roger

What's the correct way to do this?