It seems like basic business strategy to me...goals and objectives, etc.

It is basically a 3 bed/2 bath upstairs and 3 bed/2 ba downstairs with a studio over the garage.  

The number is approximately $30,000 to bring the house to basic "turnkey" condition.  

Hey ChrisI think the question you need to ask yourself in this situation (where your equity partner is bringing 25-40% to the table...the down payment basically), is "what value do I bring to the table?"

Basically My job is to find the deals that are so good, that pretty much any cash buyer will take it, as long as the numbers are ran correctly.

Basically you own a property with 100% leverage???

My goal was to have him hire subs, mange contractors, bid jobs and basically handle the rehabs for my flips and rentals.

Older homes in our area often have a functioning forced air furnace with ducts for all 1st floor rooms but gravity registers (basically holes-with-grills through the 1st fl ceiling/2nd fl floor) for the 2nd floor.  

I recently bought a strip center in City of Gray, GA which is basically vacant with only 1 tenant, but the water and sewer bill was around 600$ (the usage was well within the allowed 2000 gallons for the base charge).

This ultimately got resolved, I basically told them I won't be signing off on any contingencies unless we get the signed estoppels.