What's wrong with my plan? Newbie in Charlotte

[Account Closed]

I'm just starting out. So far one of my goals (as listed in my profile) is to find an investor and partner up . Get a foreclosure in need of some basic repairs and do the repairs with my uncle who is a handyman, in a 1 month period any repairs I cannot do will be outsourced . Use a realtor and sell the home hopefully in a one month period. Anything wrong with this picture? Additional info below:

Home: 3br/2ba 1000-2000sqft in Davidson or Charlotte area. Close to schools, low crime, etc

Looking for an investor with: 80,000

Foreclosed Home: 60-70K

Repairs: 10-20K

Lawyer, Realtor fees, etc: 5,000

So the question is, what else do I need to take into consideration. Is my budget unrealistic, time frame unreasonable? Please be as critical as possible, only way Ill learn.

[Eric Bowlin]

Any plan is good until first contact.

Everything you have is good in theory..But it's all just imaginary. 

@Account Closed  Just read it back to yourself from another point of view:

You plan to find a nearly perfect house in a great neighborhood that is selling far below market value but needs barely any work. Additionally, no other investor or homeowner wants to purchase this property for much more. You have an investor in your back pocket who is willing to accept 100% of the down-side (since you have no money invested) but take only half of the upset. Additionally, you will perform all the work with a handyman (ie. unlicensed and uninsured) further opening the cash investor to risk. You will fix everything on a tight timeline that even a professional crew might struggle to meet. Then you will list AND sell it at full market value in less time than it takes a bank to underwrite a loan.

I feel like I just saw a "get rich tonight flipping houses!" infomercial.

I'm usually pretty positive with my posts but just based on this one post, I really think you have a lot more reading to do before you dive in and lose your shirt.

- You need to plan to put a good amount down. You have no experience and will need to compensate for this somehow. 

- If it needs any real work at all you probably won't get it done in 30 days unless you are experienced in project management, or hire a professional crew. Permitting alone can take 30 days.

- In my experience Best case scenario at least 30 days of listing and 45 days of underwriting...Unless you are in a hot market or discount the price well below market. Every market is different though

- Finding a partner is hard, especially under the circumstances.

- Always over budget.

- You have no plan to find major 'hidden' problems. Home inspection? Contractor? Are you experienced enough to see if you have termite damage, a rotten sill, un-permitted plumbing/electrical work (homeowner specials), subtle signs of water penetration, or any number of things that will kill your deal on the sale side? 

You asked for critical.