I think you operations and maintenance budget is too low.

.:)With respect to your answer from #1 (and I'm consulting the State MHA and legal counsel FYI), assuming I'm comfortable with the financial cost of doing this is my best bet to immediately try to finalize the purchase of any of the RTO units?

You would need to have your attorney draft an operating agreement that would spell out who is responsible for what and if X happens, then Y is done and so forth.

After X months, the property is stablized (repaired, rented, operational) and rented for $1200/month.

Gas is much cheaper to operate.

Money paid to set up a good structure that will meet your business needs for years to come is a very good investment.New as well as the savvy investor needs to consider having a good attorney that you can have a relationship with in your area of operations.

Total monthly operating costs should be $2250.In terms of the deal split, my partner would be the person who sourced the property opportunity and who will serve as general contractor.

(I say "luck" because many folks tried exactly the same strategy in 2003 and ended up in a much worse position than if they had not made their bet.)

You, You need to have an operating agreement with business partner.

In fact, we're re-financing it and pulling out enough to cover what we put down on it + the air conditioning repairs so technically we're operating on infinite returns now.