Personally, I don't like anything that pay money that is no connected to an agent doing deals but I can see the appeal.

The advantage of the bird-dog strategy is that you don't have the financial risk of the double close and you don't even have to get the property under contract.

But painting the exterior of a house for $500 is very reasonable, at least around here for any person of reasonable skill to paint a house.  

I would call all of you local area banks, Also try Steve Barbash with Hogan Financial

To OP: My personal research has shown little with regards to value beyond time.

I personally specialize on the financing side of the house and help people get from where they are to where they want to be in regards to lending and financing these deals! 

Hello Mark, Jumping into real estate can seem scary right at the forefront; however, it can also be one of the most rewarding experiences not only financially but also emotionally and mentally.

I understand that there won't be any cashflow but the loan paydown and appreciation over time hopefully offsets not having cashflow.Legal and Financial Advice:Do you have any recommendations for legal or financial considerations we should take into account when formalizing this co-ownership agreement?

Not $30, 40, or 50 MM but in the Bs, then personally i wouldn't be first.

Personally I avoid buying anything built after 1950, which eliminates most of Downtown Suffolk.