It doesnt cashflow well and refinancing to a lower payment is basically just having your equity make monthly payments to you, you aren't really gaining anything. 3.

That is basically what I was thinking. 

Find the properties, do the rehab, manage the project?

The back-up plan is to simply flip the property and take the cash out now for the next project.The Project (2 unit Multi-Family):Acquisition/rehabLand Acquisition:     275k (I'd use my cash to buy)Hard Money Loan:  100k (I might use my home equity line at 4% APR over 20)ARV:                           465k (This is my best assumption based on other comps)Refinance:                348,650Cash out:                  26,250Income:Rent:                         1800x2 (This is conservative)Capex/Maint.          300x2Expenses:                400 (water/trash/electric/sewage/insurance)Using these numbers the property looks like it generates a COC return of about 30% per anum (on the 26k outstanding).

Plus Owner won’t do seller financing due to the fact he worried about never getting his money after 2 or how ever many years basically the person just collecting rent for that time n not buying him out.

. - Useful to get some high level info about crime rates, schools ... all the basics when selecting an area.

I have plenty of friends using money to fund their projects and really, have no idea where the funds are coming from.

Without an asset management fee in place (and corresponding language in the operating/company agreement) there is no incentive for another person or entity to take the reigns and see the project through.Another important consideration is the probability that revenue does not meet and exceed the preferred return, in which case the issuer/manager would not receive a cash flow - this can lead to reduced effort and mismanagement of the assets. 

(These are different formulas, because you are looking for different things within each DOM)9...and that's just the basics

I have offered to help on projects since I have some skills in trades, but people don't want someone that can only show up for a few hours a day.