A bunch of strangers on the internet can't do the thinking required to figure out the opportunity cost for him. 

I will also be paying the $350 a month out of pocket (to avoid interest of line of credit/or should I put it on line of credit)My partner will be doing most of the rehab himself.

I would recommend doing some online research on a list brokerages and then narrow down the list a bit.

People still fall behind on taxes every day and that can cause negative equity situations as well and can be found if the state you are looking into has public tax lien certificates or even just posts the delinquent properties online.

They respond to my online ads, billboard and other advertising. 

Initial renovationsFurnishing the rentalMonthly utilities, internet, TV, consumables9% lodging tax rateMarketing and bookingLet's say you make $17,000 a month income.

Looking for online rent collection recommendations for commercial properties.

@Rachel Kennedy  internet or no internet?

Advice you didn't ask for Frank- do an online course that you can learn at your own pace.

I've seen Indianapolis many many times on the internet/ posts as a great area for first time investors so I decided to just focus hard on this area.