I would suggest looking at:The Best Types of Markets for Profitable Turnkey PropertiesandWhat to Ask When Working With a Turnkey Provider

The profitability of the home would not matter, the tax deduction would more than make up for it.  

Then there's no need to change 1099-S, you simply enter your EIN on Sch C. 

Profit, 1031 exchange into a larger deal.The reason for this price is I am shopping on what I can put down for a down-payment WITH a partner. 

I think the reason a lot of investors go high end in single family homes could be because you only have one unit, so the profit margins are squeezed, in order to turn a nice profit, you must command higher rents.

This is not a related party transaction he is simply selling a property to you and starting a 1031 exchange. 

If the BPO is turned down, or if the prior investor simply declines to answer the price quote and lets it expire, the whole process will take about 30 days.

Profits will vary from 12k to 20k.

I'm about 7 days away from closing on my first real estate deal and the thought occurred to me that instead of wasting time (and closing costs) dealing with a bank for the initial loan, I could simply use myself as the source of "private money" for the entire purchase (~40k) for a home that I intend to rehab.The rehab is expected to take 3-4 weeks and I already have a reputable contractor with a written estimate in hand and the cost will be a ~25k additional (worst case) on top of that.  

@Mike Hartzog  correct... in our world 2nds simply did not happen all first trust deed or mortgage lending and all collateral assignments of said.now my facility at Umpqua 4 million.. they would not actually record the assignment they just held it and we gave them an alonge'  they would only record if they were going after the asset.Riverview and Columiba community were I had the same facilities only larger they recorded everything so the transaction was a little more cumbersomeand of course we had to close the loan with our own cash then back fill.. much like a conventional lender who does table fundings then sells in the secondary market.. but once the machine was up and running it went well but it took staff to run.. that's for sure.