Additional Source of Income - Real Estate Investing

A Real Estate opportunity. I found a great opportunity from one of my friends. She helped start a Real Estate Capital Company and was looking for individuals who would like to invest in Real Estate without having to do all the hard stuff.
We have finished closing on the house, 1715 E Bird Ave in Tampa FL on May 29th 2008. The process went fairly smooth and didn't cost us anything. The requirements were good credit, and a stable job.
How does it work? Basically the deal is that they locate foreclosing homes and buy them cheap then they sell that to you at a closer to market price while they do renovation and get a rental tenant. You then are the home owner and count it as a rental property, you receive a monthly payment and then when they sell the house (6 months to 2 years later) you receive up to 15% of the profits (which includes the initial difference from the foreclosing price to the price that you paid for it). Profits will vary depending on the house but typically it is close to $7,500. It takes some time and you won't become a millionaire off of this but it will be a good solid investment and you could hold multiple houses as your income increases.
With the market the way it is they are holding a lot of houses that they are trying to transfer over to another individual, if you would like to know more let me know by sending me an e-mail at outofutah(at)gmail(.)com and I'll pass them your inquiry.
Hopefully this extra $200 dollars a month will really help us drive down the debt and increase the savings - especially as our new budget is really tight! We've decided to split it equally. $100 towards our emergency fund and $100 as a power payment on our debt.