Rest of house is good, but could use new windows. 

Brandon has told you much of the rest.

The rest is just ethics which no LLC operating agreement can replace.

I wouldn’t worry about the short sale either.If you have not run any credit, why not do it and see where the rest of her bills stand?

You receive all the income and pay all the expenses during the period.

Those properties always trade with a huge risk premium built in, meaning that even though a property may be worth $xx @ a 7 cap and the rest of Toledo is trading at a 7 cap, properties in rougher areas seem to have a ceiling of about $25k per unit, no matter what the cash flow looks like. 

Where me and a partner bring some cash to the table and the other person brings the rest.

How long is your payback period?  

All of the books I've read on real estate investing discuss putting 10% down, financing the rest, etc. etc. etc. 

Now the wholesalers are desperate to make their (way too high) margin selling a house with no D.D. period at all.