This is a major undertaking that I anticipate costing in the ballpark of $100,000.

For flips, is the internal rate of return used as a metric for judging whether or not a project is worth undertaking?

Disclosure: Interested in bidding on some trades of the project.This is a big undertaking, however, if he is an entrepreneur, he should be able to understand the basic ups and downs on the financial side on buying and selling, the only thing that he needs to educate himself and you is the ins and outs of development/construction.

Flipping an old house with asbestos, knob and tube and old plumbing is a monumental undertaking for your first flip. 

It's a pretty big undertaking for a new investor, but I applaud your gumption!  

Avoid spec projects.Defer any major undertakings that will be capital-intensive, that project an exit strategy over the next two to three years, or that have debt otherwise maturing over the next four years.

I use this month for any major repairs/painting/redecorating and helps keep it on the market during peak times.

The tenant shall also be liable for reasonable advertising and redecoration costs incurred by the landlord in re-renting the dwelling unit."

There are so many other questions you need to ask before undertaking this and I would be more than willing to offer any assistance I am able to.

There are different paths to follow depending upon the type of lending you wish to undertake.