If you partner with the right agent and use the advice and mentorship that Bonnie's group is offering, you should be in good shap! 

Quote from @Brian Burke: @Chris Seveney when I started my lending company with two partners our aim was to go from $0 to $2.5M per month. 

Did you buy this property on your own or did you partner with another investor?

(You say it’s worth about $100k more than you’re paying so figure an extra $15k.)Maybe you’d be better off partnering with the parents unless they have zero interest?

With regard to renovations, I always suggest taking incremental steps to bigger renovations or partnering with someone who has already done a renovation at that level.I've been known to just go for the big rehabs for my personal investments here in Chicago , and during that process, it's always more stressful than it needs to be...As far as navigating the competition, I've found the best thing I can do is get EXTREMELY CLEAR  on what I am looking for; then I am confident pulling the trigger quicky. 

You didn't say whether you're doing this on your own, with partners, or as a syndication. 

Perhaps partnering with a real estate agent using the BP real estate agent finder tool may work out in your favor.

I want to use this forum to meet other real estate professionals (experienced and newbies) and hopefully find business partners.

I have about $20k saved up there but I do have a partner who is also willing to go in 50%what are your thoughts??  

He’s not a pushy salesman, and I’ve got a business partner who has worked with him for the last 10 years without any issues.As for your situation, I wouldn’t say it sounds like a Ponzi scheme, but I’d strongly recommend meeting with the fund sponsor in person and asking as many questions as you can.