Need Some Advice from Experienced Members

[Joseph Ziolkowski]

So here is the situation. I am a full time college student, 20 years old and I'm closing on my first deal on January 15th. The purchase price is $11,500; it is a small single family house 2 bedrooms and 1 bath - 864 square feet. Comps put the ARV around 50,000. The rehab cost I am not entirely sure yet, I have the inspection in a couple of days and over the next two weeks I have scheduled three separate contractors to walk through with me to give bids. But if I had to give it a ballpark estimate, I would say it is around $20,000 being on the very safe side. That's around $23 per square foot. This would make my all in cost including:

Fixed Costs (Purchase Costs, Holding Costs for 3 months, and Selling Costs) = $6000

Rehab Costs = $20000

Purchase Price = 11,500

Total = $37,500

So my potential profit could be $50,000 - 37,500 = $12,500

Since this is my first deal, I know it is a risk to try and do a fix in flip. So my questions boils down to, should I try to wholesale this deal off to try and make a couple grand or go for the flip to make a potentially greater profit? Some more details with this deal is my partner supplying the capital to pay all cash for the house and the rehab and we will split the potential profit 50/50. Furthermore, my offer is contingent on the inspection so depending on how that goes, the purchase price could be less. As the inspection and contractor bids come in I will keep adding to this post to see if my numbers check out, but with what is given now, what would you do in my situation? Thanks BP members!