I'll agree with the previous poster- the biggest issue for out of town investors here is the lack of knowledge on the area.I have lived my whole life in the metro area, my parents were born and raised in Detroit (moved out with the white flight) and I still don't feel I know enough to start sinking money into it RIGHT NOW.  

Since then, we've raised rents a little on each unit, increasing our cash flow. 

I would be really careful about giving him credit cards to purchase supplies.  

Should you raise a fund?

If they are good tenants, rent will be raised minimally.

The property card shows the square footage for the whole building and the number of units.

I get 3-4 per month and they are hands down the largest type of mailer I get after post cards but the post cards vary so much it's hard to lump them all together.

Bought Property #2 for $36k and currently have $5k worth of renovations on a 0% credit card till October 1st. 

Is it typical for a general partner to charge investors a one time entrepreneurial fee (sorry, it's an appraiser term) for managing the investment, raising the funds, getting the financing and managing the cap ex up front when the investment is initiated at closing? 

But some times we can have multiple buyers, know their criteria, but when we do our marketing (yellow letters, post cards, bandit signs, etc.), we don't know which motivated seller will be calling us that would have the type of property your buyers want.