$309 / month is ~8% cap rate which initially seems a little low.

and gave me a generous deal.I've since discovered that almost any brokerage in our area will take on new agents, without any minimum production requirements, but they'll likely attach monthly fees and take a healthy cut of your initial commissions each year.So, I guess in summary, you'll have no trouble finding a broker who will let you hang your license with them, but depending on what kind of a deal you're hoping to get, it may take a good bit of interviewing and negotiating before you find something you're happy with.

Although initially skeptical of it, I have come to think of real estate as a great opportunity for me.

initially, we will have our current employee and contractors help to turn units around quickly.The property is currently not marketed at all...no craiglist, newspaper, website, signs, internet marketing, simply nothing at all.

Use initial P/L/C percentages to account for each partner's contribution to the project (time, management, capital, etc.)

Plus it seems like the cheaper the cost, the more risk and cost of repair.What sort of initial capital would I need to even start investing?

Sounds like your friend is initially getting you going and saying you can call with questions but they will be doing lease up only and not ongoing management for you.

The lady might initially be very grateful, but if you are able to turn it around and make profit, then there's a chance that she and your family might turn against you.

This way you only have one initial closing and a refi at reduced costs instead of a purchase transaction, then another full refi. :)

Protecting Tenants at Foreclosure Act of 2009 has provisions requiring notice of 90 days before starting an eviction for the initial successor in interest to the property.