Need suggestions on how to structure/save a deal

[Max Biggar]

What up BP! Need some suggestions here. 

I have 2 properties under contract in Atlantic Beach FL, near Jacksonville. 

The first I am getting bank financing on so all my capital is tied up with that one. This will be a flip.

The second (also a flip) I don't have any capital leftover for and don't want to lose out on the deal. My sister said she would get the financing for the property and partner with me. So I had the contract drawn up with both our names on it and the plan was for her to get the loan in her name (so my financing on my other property wouldn't be effected) and supply the cash to close. Then I would manage the flip and split the profits 50/50 once sold. 

The numbers

$300k purchase price (FSBO seller had appraisal done for $345k as it)

$40k repairs, plus ~$20k financing/closing costs both ends

$400k ARV

Profit ~$40k ($20k each)

(Really needs $70k to fully update the house then the ARV will be $450k, but we can likely only afford $40k rehab)

Numbers are pretty tight but the neighborhood is hot and and relatively low risk as it would sell immediately for our break even of ~$360k

My sister is getting cold feet as she would be pulling the money from her 401k. I don't want to lose out on the deal so I was just wondering if any one had any recommendations on how else to close on this deal in case she backs out. I would possibly assign the contract however we used a Realtor contract and checked the box to not allow for assignments. 

Cheers!