Does this sound plausible?

[Ken B]

I have a house under contract as a wholesale deal in New York City. It's a classified as a two family but it only has one meter. The upstairs unit has 3 bedrooms, 2 baths, but the downstairs unit is a studio style although there is a garage that some similar houses on the same street have converted into a bedroom so that the basement unit has 1 bedroom.

Rather than wholesale the property now, I have a partner that would like to do some rehabbing and upgrade the kitchen/bathroom as well as re-sand the floors and get the condition of the property up to retail standard. We have a contractor that is willing to do the work on the house with a down-payment and get paid the balance upon closing when we have our buyer. The seller of the house is also open to doing this just as long as we shoulder the holding costs until closing.

Does this sound like a reasonable deal?

Any advice on the situation is greatly appreciated. If you need more details please post and I will provide as much as I can.