What do you think of this deal? Help needed as well.

[Daniel Hsieh]

So this will be my first offer for a foreclosure home. Here is the deal

Asking: 83k

ARV: 140K

Rehab: 6k (paint, carpet and appliances)

Rental: 1350-1400/ month if I buy and hold.

Both rental and sale comp has DOM about 20 days.

Solid deal to you?

My agent is asking if I want to put the offer under both of our names (me and my wife). Does it make a difference? If this has implication on mortgage, then I would rather it is just under my name so both of us can get 20 mortgage, instead of 10 if all mortgages are under both of our names.

I want to put in an offer really soon but I can't find a contractor who is willing to give me a solid price yet. Is that a red flag? Should I get a solid quote before I make an offer?

Thanks in advance.