I was 16 and making 400 bucks a month for driving to the store twice a month and picking up fresh brownies every morning to distributing them to sellers.

(But, okay I have to admit, I also took 5 vacation trips with my wife since I left the corporate world lol).I have been an investor since 2010, but I am only an agent since 2016, so its a very fresh experience for me.

Your agent is correct.We will be in a feeding frenzy fighting for your listing for at least 2 months non stop telling you how great we are all day and all night.Too many agents chasing too little properties making it necessary to call the fresh meat until you grow rotten over a long time.Only way to prevent it is to sell the property now or keep it on the market for an indefinite period which eventually will hurt the future price if you do decide to sell later.Sorry for the trouble.

To secure ourselves from the risk, we would ensure a detailed operating agreement is in place along with a personal guarantee from all of us, to ensure no one person gets left holding the bag if all hell breaks loose.Wanted to get a perspective from people who have done this before and things to keep in mind.

Furthermore, if I look at this from a different perspective, we could assume I pay him a very generous cap rate (for South Bend) at 8% on the adjusted proforma and subtract the cost of rehab (50k) we would end up an offer which is highly unlikely to be accepted of ~110k.I am looking for feedback on a couple things here.Which method would you use to analyze this property?

Every year one more house on Holton has a fresh coat of paint, a new porch, roof, landscaping etc...

And you maximize your interest write-offs.Anyways, thanks for the interesting perspective.  

To give y'all perspective here is a bit about me- I live in Houston, but plan to make a move to Austin in the soon. 

Thank you all for your input and perspective.

From a social perspective, I would like to help a millenial buy their first home, especially in a rural area or small town in New Mexico.