First time flipper, hoping to get some advice

[Clint Worland]

Good morning-

This is a great site. I have been trolling around here for a while and have already picked up on many nuggets.

I am hoping to get some advice on my first two projects that I have going on right now.

My background:

I am a Real Estate broker and run and operate a Loss mitigation company. We have specialized now for over 7 years in Loan Modifications and Short Sale negotiations. We have been very fortunate to be 100% referral only and we have always done right by our clients. I have a huge data base of people transitioning from modification to Short Sale. In the past I would offer these properties to my investors. I got kind of tired watching these guys making so much money off of my supply so I decided to dabble.

I cherry picked what I thought were no brainers. Both were obviously short sales that I bought with cash.

1. $100k for a 2bd /ba condo that needed about $25k in rehab. Purchase 10/30/2013 should be back on market 12/15/2013. Comps show possible sale of $220k
2. $220k for a SFR 3bd . 3ba that needed only $15k in rehab purchased same day 10/30/2013 and is going on market today. Comps show possible sale of $320k.

I brought in a contractor friend of mine who I can trust to run the projects and he earns 20% in sweat equity by doing a lot of the work himself. He also works for a marble company where he is able to get a lot of material for countertops, floors and other for less than wholesale.

I have not done any of the work however I have paid 100% of all costs.

The questions that are coming up now are:

1. Do I stage the properties when we are going to sell?
2. has anyone had a relationship like this with a contractor? sometimes I feel like I am giving up to much.
3. How do you know when to splurge on items vs when to go cheap.
4. Although I am licensed as a Realtor, I am using a Realtor friend of mine to sell the propties for 1% vs 3%. My reasoning behind this is that I don't have the marketing ability or the time (with my other company) to spend. I know that I am giving up money.
5. There is obviously HOA and other carrying cost, how long do you list before you sign a temporary lease?