He is serious. whether you like the deal is your choice

He provides 1. local information and potential contact for auction. 2. local contractor for renovation 3. local marketing for pricing and selling the house. You are the money man. Your risks: 1. bought wrong house in an auction (from wrong price to second lien) risk exposure can be thousands to hundred of thousands. 2. under estimated/over charged renovation costs (exposure: thousands to tens of thousands). 3. can not sell or sell at a lost (exposure: tens of thousands) 4. legal cost (exposure: tens of thousands). You need to have a good structure and legal document to work out the deal. Otherwise, take your own chance. In good time, everything will be great. In bad time, you will spend all your time in court.