I also wanted direct access to MLS for running comps because the agent I was planning to use was immediately overwhelmed and didn't want to be involved anymore.

I have committed to stay involved and the 1000 post is a great goal to shoot for.The investment in time and in growing relationships has appeared to be lucrative for many devout BP members.

Although this partnership is a good fit on paper, I would highly recommend that one's partnership somewhat compliment your personal investing style.Sometimes, that polar opposite creates a good balance; but also it challenges.I am providing this post mostly to share my personal observations and also, because there are equally as many request seeking partnerships and funding.For those individuals, I submit that that partnerships with colleagues, family and friend inherently involved possible nuisances in operating style, priorities, and realistic timeframes on the amount and division on your net return of investment.In summary, think, plan and have those discussions prior to forming your partnership, funding etc...these are just my thoughts in hindsight.

Then you should compare all the time, work and expense involved with simply purchasing a separate rental unit located at a different location.

Licensed p/c agent.As rates vary greatly from area, to construction, to tenants, there are too many factors involved that give you an accurate rule of thumb.What I've been using is $1,000 for SFR, $1,500 for a 2-4 family rental, and $2,000 for college student rental.I know that the rates won't be higher than that, so anything I'm off by is just gravy.

I have had some involvement in flipping with a fiend of mine in Florida before the bubble burst down there.

Because you and your partner are involved on a 50/50 basis I would say you have an equal right to the fee. he may dispute that if it is his company that is acting as the GC.

It took being abused by big money companies to learn that having the same sort of money to back up the bids is the only way to get involved.

@Stephanie Minor yes, I plan on getting a FHA loan for my first property, I'm looking towards a 4-plex but am hesitant in pulling the trigger due to the extra landlord-y responsibilities that would be involved in maintaining the units and tenants.

The following story involves a bank owned, 3 bed, 1 1/2 bath 1 car SFR ranch with full basement, 1200 sq. in the beautiful Poconos.