After a few emails with Taz, at 10:24 am, we locked down the deal with $3,000 in concessions (property management fees) and some other details that helped us both move forward on the deal.

Looking for some advice on how to structure my first partnership.

It's a declining biz model.....the city is trying to crack down on them, and insurance co.s are pushing back on the testing charges (which is where the profit is).

Thank you and excited to be on the BiggerPockets platform.  

Regarding asset classes, there is almost no barrier to entry on cost since most land flippers do their first deal and make like $4,000 which makes it an option for some to start.

I found a property on the sheriff's site that I think is a good opportunity at the right price. 

Every city is different, PLEASE get yourself to a RE meeting, and do NOT try and do all this from books and sitting online, it will not end well. 

Also, what are your thoughts on Indianapolis or Oklahoma City?

The example scenario would be if I bought a $1M property, the bank is in first position and covers 800k of the property cost, the seller agrees to cover cost of down payment and covers 200k of the property cost.Let's say we can no longer make payments on the property and it's foreclosed on.

@Hai LocTruthfully I think Hamilton is great, however I’d need to use one unit for my mother... who isn’t too keen on Hamilton.