Fix and flip opportunity in Virginia - where do I begin ?

[Wendy Thurst]

Currently have SFH rentals in Tennessee and just came across a fix and flip with a partner who wants out of her parents run down estate house in Virginia. Best options for the win/win solution? Do we set a contract with a quick claim deed/renovate with cash/sell and split % proceeds? Seeking advice from those who have done fix and flips. Thank you!