I'd level up with a BRRRR, live-in flip, or house-hack before jumping into a challenging renovation.

Trying to get a # from him about estimated remaining cost but got nothing.   

Gutted and renovated the entire unit What was the outcome?

It will cost less than $150,000 and will need moderate renovation work.

@Brittney Yang first red flag is it doesn’t sound like he’s that interested in long term holds but the primary reason for partnership is expertise in renovation and secondary reason is balance sheet and income to help get financing.Regarding reason one, I would offer to compensate him for his time in assisting you and have a very clear scope of what that responsibility is.  

The estimated value  now (roughly) is $200K. 

Purchase price: $161,000 Renovating now What made you interested in investing in this type of deal?

Assuming your numbers are accurate, I'm estimating your monthly "rent" or your contribution to the monthly expenses will be about $2,000.

Full gut renovation, including but not limited to full replumb, full rewire, complete mechanical upgrades, and new apartment finishes from studs.

I know a cost segregation study would be too expensive for such a small amount of property, but is it permissible for me to estimate the value of the components on my own?