High End Home Flip

[Matthew Cook]

Hello!

I have a friend who has a high end property he is wanting to sell. His goal is to get as much out of the property as possible and give me an opportunity to do my first fix and flip. The home appraised for 1.2M, the deal is anything the home sales for over 1M after the fix up he will split with me minus my costs. he will hold the home while I do the renovations, no home purchase necessary.

My question is how do I find the ARV on a high end home so I know if this is worth pursuing? Do I get with any architects or designer on the best way of fixing up the home?
Any advice on expensive flips?

Thank you in advance.