Upon this , he said I have a place, the man had just gotten out of the hospital after 7 months and the estate was eating out of his retirement fund with taxes.

You will eat up all your cash flow, if there is any, just travelling to this park to turn it around.  

Most subs that will do labor only are hungry to eat and might pull off the job because they can't make money.To your main question a jv might be a good idea.

I realize you can't eat equity unless you sell or refinance, but it's still yours.

I have a condo with monthly HOA's and it eats into my profits, $300.  

That way if a change order comes up, you both are on the same page as to how valid it is and how much should have been included in the original quote.I would agree to a per ft2 number only if they agree in the contract to finish it at that price - no surprises, no change orders, they eat anything missed.

It is a Landlord lunch (you buy your own lunch if you want to eat) but they go over different types of topics.  

You must wake up every morning and work, just like speculators (flippers) who must shrug her the cow and then go find another cow each time they want to eat.

That can quickly eat up some of the benefit of the cash out with regard to spread on the next deal.

.#3 Hidden costs:   Even if you sell your property at a higher sale price than when you bought it, agent fees, repair fees, capex fees eat away at your profits.