Phoenix Area - To Flip or Buy Condo Rental?

[Felix Yang]

I'm Brand new to BP, and just discovered this wonderful community during my search of understanding the investing/flipping industry. Long story short. I have access to about 150K in Home Equity. I also have a very close family friend for over 15 years, that's a contractor. We've been talking about flipping together, I'd provide money, he is all labor. The Phoenix Market seems to be pricey, and I'm looking for a home around 100K, I'd get "at cost pricing" for materials per my friend. Meaning 10-15K, but all new tile floors, kitchen and bathroom remodels to high end stuff (friend says retail, it looks like a 50K upgrades). Then putting it on the market for 150. It seems simple, but with research, nothing seems simple. Other option would be just to buy a condo in Tempe or Scottsdale, and rent it out and hold for long term investment. Could I get thoughts on the above if this is realistic? Also, any tips on how to find a mentor in the flipping business? Regards!