Daniel, have you run this kind of deal in the past?

Montgomery county is kind of insane.

Most are in Mpls or St Paul, but you will find some first-tier suburbs with large duplexes.  3-4 plexes are as common as a Vikings Super Bowl outside of the two cities.Within 45 minutes of MSP airport: This will be no problem, everything is within 45 minutes of the airport, especially in multifamily.Areas with a small town/ neighborhood feel are a big plus: South St Paul would have this feel so would Stillwater but that is probably more than 45 minutes from the airport with any level of traffic or bad weather.

Otherwise I would expect the story above is the most common. 

What kind of contract/agreement should I use to put this in writing?

You can buy and out of state rental property with $15k.You can invest as a PML or JV investor in many investors deals on BP with that kind of money.

I always like to start with the rents and reverse engineer it.Current rent $625-25% total (vacancy repairs cap ex management)Assuming tenants pay all utilities $470 left before monthly payment, taxes, insurance -$500(estimated) Monthly mortgage payment & insurance (no tax) for a 15 year loan.OR-$350(estimated) Monthly mortgage payment & insurance (no tax) for a 30 year loan.Depending on what kind of loan you have out15 year loan, cash flow = -$3030 year loan, cash flow = $120This does not take into consideration the rent increases.

We both kind of had a revelation about financial independence and retiring early aspirations combined with career changes.

I never really considered it because I try to be kind and polite to everyone, but I believe the house we are under contract on right now may have been a similar scenario. 

Is there  any BP members out there flipping in this kind of market and is it profitableGary