What is my ideal play here?

Marital property laws will be in play as well as estate matters, comingling assets can be avoided with proper legal guidance.

I negotiate contracts for a living, if we are doing something "different', I write a contract and send it to attorney for review,,we work together to get something that accomplishes what I want, and still is legal and offers the protection he wants.If I am making very minor changes to that agreement I go ahead and make them (minor terms etc), but if any change is very complex, I run it back by the attorney.I have read and reviewed thousands of contracts in my life, and I very rarely miss anything, but I am not an attorney, and am constantly surprised by some small change an attorney will make that gives us better protection.If you didn't go to law school, don't play lawyer

You gotta use high end guys on high end homes, $40k will go FAST up there on that kinda house I would think, that is not a big rehab budget on a $650k home, even in high priced areas.You can look at the profit and decide if that's worth the time, of course, but I usually regret it if I play with the percentages. 

You can even play the credit card cash advance game to get a quick $5,000 to $10,000 or so for a 3% transaction fee as long as you pay it off in the 12-18 months no interest period.

Without that there is a lot less incentive for the seller to play ball.

Ok boys, let's play nice.  :-)@Nicholas DeLouisa Jr Just to make sure I was clear, the marketing I was referring to was for the purpose of finding off-market properties to purchase in support of your strategy. 

Now the rental rate and hold time ect play a role other parts of my expected returns ect, but for the cash out/LTV portion they don't have anything to do with it.

You could argue that you're worse off with an underlayment because it could add more "play" to the floors and work the locking mechanism loose.You might want an underlayment over concrete though or if you have a moisture problem but I doubt even in this case that it would make a significant difference.

Were working on a couple really cool projects there right now actually - excited to see this play out.